Abu Dhabi – Mubasher: Abu Dhabi Commercial Bank (ADCB) confirmed that the liabilities of NMC Health Group to the bank have amounted to $981 million as at 31 March 2020, representing less than 1% of the bank's total assets.

These liabilities include credit facilities granted by ADCB, Union National Bank (UNB), and Al Hilal Bank before their merger in May 2019, according to ADCB's disclosure to Abu Dhabi Securities Exchange (ADX) on Thursday.

The bank is one of 80 local, regional, and international financial institutions that have provided loans to NMC Health, listed on the London Stock Exchange and operating in 19 countries.

The health group has recently announced that its debt totals $4 billion, which has not been disclosed since its interim reviewed financial statements as at 30 June 2019.

Therefore, the Emirati bank cannot determine the anticipated impairments of the group at this time.

ADCNB "has initiated discussions with the NMC Health Group and other substantial creditors to implement appropriate solutions to address the Company’s financial defaults, governance, and other issues."