Shutterstock/Kamni Jethani
by Kudakwashe MuzoriwaDubai’s Emirates NBD Bank has raised AED 6.45 billion ($1.76 billion) by issuing new shares after the capital call was oversubscribed by about 2.8 times.
The lender stated that the strong demand from the UAE, Middle East and international investors resulted in total funded commitments in excess of AED 18 billion.
HH Sheikh Ahmed Bin Saeed Al Maktoum, the Chairman, Emirates NBD, said, “The positive response we have received will further strengthen our balance sheet and help progress milestones as we continue our growth journey and commitment to our shareholders.”
Emirates NBD said that the overall demand in the bank’s rights issue from non-UAE investors was in excess of AED 11 billion, equivalent to 62.6 per cent of the total funded commitments due to the recent increase in the lender's foreign ownership limit from five to 20 per cent.
Lenders across the GCC are trying to broaden the base of their investors as a combination of low oil prices, slowing economic growth and geopolitical upheavals drain inflows.
MOST READ
BUSINESS
COVID-19 poses downside risks to Egyptian banksBUSINESS
Fed rate cuts add pressure on Saudi banksBUSINESS
UAE firms launch Covid-19 economic aid packagesBUSINESS
Saudi Arabia plans to boost oil export to 10...BUSINESS
Aldar to invest AED 2 million in Abu Dhabi...BUSINESS
GCC UHNWIs population to grow by 26 per cent...BUSINESS
ING Groep plans to sell its Turkish unitBUSINESS
Bahrain considers stake sell in oil assetsBUSINESS
SEDCO Capital exits a US real estate investmentBUSINESS
NMC Health hires Moelis for debt restructuringBUSINESS
SABB seeks to boost corporate lending
CPI Financial was established in Dubai in 1999 to meet the needs of an ever-expanding financial community, offering a comprehensive portfolio of market-leading products and services tailor-made for the banking and financial services sectors.
Loading More post
