trending Market Intelligence /marketintelligence/en/news-insights/trending/0L8_BVypDTYGsEGBtrREEw2 content esgSubNav
In This List

UAE-based Noor Bank to switch Abraaj debt for stakes in the firm's funds

Blog

Banking Essentials Newsletter: 7th February Edition

Case Study

A Bank Outsources Data Gathering to Meet Basel III Regulations

Podcast

Private Markets 360° | Episode 8: Powering the Global Private Markets (with Adam Kansler of S&P Global Market Intelligence)

Blog

Banks’ Response to Rising Rates & Liquidity Concerns


UAE-based Noor Bank to switch Abraaj debt for stakes in the firm's funds

A Cayman Islands court awarded United Arab Emirates-based Noor Bank PJSC — which loaned $100 million to Abraaj Group Ltd. before it collapsed — the right to swap the debt for stakes in Abraaj's funds that were pledged against the loan, sources told Bloomberg News on Jan. 3.

It will own stakes in the funds along with other investors and limited partners, the report said.

Abraaj is going through provisional liquidation in the Cayman Islands after the firm was found to have borrowed money from some of its funds to pay for operating expenses without investors' consent.