GULF STATES/ BUSINESS TIMES - COVID-19: UAE'S LARGEST BANK SAYS CASH DEPOSITS ONLY THROUGH ATMS.

First Abu Dhabi Bank has suspended a number of banking services at its branches and contact centres including cash deposits as part of safety measures against coronavirus. "Cash deposits will only be made through ATMs, with no coins allowed until further notice. We encourage you to make cash withdrawals through ATMs wherever possible. Cheque deposits are to be made through Smart Cash Deposit Machines and Cheque Drop Boxes. We kindly ask you to minimise visits to the branches where possible, and to use alternative banking channels," the UAE's largest lender said in a Covid19 advisory on its website.

The services discounted by the UAE's largest bank include funds transfer within the UAE, funds transfer to non-UAE banks, activating a new card, updating email address or mobile number, updating Emirates ID, requesting a new cheque book and downloading an e-statement. "For customers, we recommend replacing visits to our branch or office with alternatives available to use remotely at home," it said. The UAE's largest lender said its customers can access these services through its mobile or website.

"At First Abu Dhabi Bank, we are committed to ensuring the wellbeing of our employees and customers, and this remains a top priority for us. In line with the measures we are taking in response to the Covid-19 coronavirus, we have discontinued a number of banking services in our branches and contact centres," it said in a statement on Wednesday. The banks have been advising customers to avoid visiting branches and rather use digital platforms for banking transactions.

DUBAI SET TO TAKE FULL CONTROL OF DP WORLD

Dubai has received commitments from a group of 10 banks for $9 billion in loans to take full control of port operator DP World and refinance debt of state investment vehicle Dubai World, sources told. The debt transaction is one of the few deals keeping investment bankers busy in the Gulf as the global coronavirus outbreak slams the brakes on capital markets activity. Dubai last month said that state company Port and Free Zone World, part of Dubai World, planned to buy publiclylisted shares of DP World in a deal with a $13.9 billion valuation. Citi and Deutsche Bank underwrote $9 billion in loans for the transaction and immediately started talks with other banks to distribute the debt, sources told at the time.

This week a group of 10 banks, including Citi and Deutsche, signed commitments that covered and oversubscribed the $9 billion debt deal, said two sources close to the deal. The other eight banks are Bank of Nova Scotia, Credit Agricole, Emirates NBD, First Abu Dhabi Bank, HSBC, JPMorgan, Samba Financial Group and Standard Chartered, one of the sources said. The transaction involves a $3 billion five-year loan, with the rest of the financing comprising shorter-term debt, the source said.

DP World, Citi, Deutsche Bank, Emirates NBD, JPMorgan, and Standard Chartered declined to comment while the other banks and the Dubai department of finance did not immediately respond to requests for comment. As...