NBF augments capital by converting $275m AT1 capital
FUJAIRAH, UAE, 2 days ago
National Bank of Fujairah (NBF) completed the conversion of its Additional Tier 1 capital securities (AT1 capital), amounting to $275 million (AED1.01 billion) at a ratio of AED2.85:1, on Tuesday (Dec 31) into ordinary paid-up share capital.
The move, which follows the approval of the General Assembly Meeting held on June 26, 2024 and the Regulatory Authorities, is part of strengthening of its capital structure enabling its business and operational strategy, said the bank.
Sheikh Saleh Bin Mohamed Bin Hamad Al Sharqi, Chairman, said: “The board believes in ongoing investment in NBF brand to capitalise market opportunities for future growth while preserving the bank’s capital strength.
"This conversion of AT1 capital into ordinary paid-up share capital augmented NBF’s common equity tier 1 capital base in line with growth prospects and regulations. In the year ahead, NBF will continue to strengthen its operating platform, enhance value creation, tap new business opportunities and support the overall development of the UAE economy,” he said. - TradeArabia News Service