Commercial Bank of Dubai AGM rejects capital increase
Commercial Bank of Dubai (CBD) rejected a proposal tabled by shareholders to increase the bank’s capital base at it Annual General Meeting held on 15 March.
Investors representing 24.97 per cent of the bank’s capital had submitted a written request to add to the AGM’s agenda an item proposing a five per cent increase in the bank’s capital with subscription to the increase limited to existing shareholders. The meeting rejected the proposal.
The CBD AGM further rejected a request from Al Futtaim Group to allow GCC nationals to own up to 40 per cent of the bank’s capital.
However, the meeting did approve an update to the bank’s $3 billion Euro MTN programme, leaving the details of any issuance in the hands of the Board.