Abu Dhabi – Mubasher: An investor in Abu Dhabi Commercial Bank (ADCB) has exited from its investments in the lender by selling its entire stake in exchange for around AED 1.1 billion ($300 million), Bloomberg reported.

The shareholder has offered 164 million shares in the bank at a price range of AED 6.5 to AED 6.8 per share, according to a document issued by one of the banks arranging the deal.

More bids were received than securities offered at that level.

The undisclosed shareholder has authorised BofA Securities and Emirates NBD Capital to manage the sale.

It is noteworthy to mention that during the first quarter (Q1) of 2021, the bank reported an increase in net profits attributable to the equity holders to AED 1.12 billion, compared to AED 207.37 million in the same quarter of 2020.