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The dearth of equity financing in the region plays into the hands of firms with strong debt franchises. The local banks are not leaving this business to the internationals and there is one local in particular whose efforts to develop its debt financing capacity should be recognized, not least for tapping into the local investor base.
The result of a merger between National Bank of Abu Dhabi and First Gulf Bank – making the region’s biggest bank by assets – First Abu Dhabi Bank benefits from NBAD’s efforts to build up a highly respected debt capital markets platform with a 30-strong regional sales force.
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