ABU DHABI:The National Bank of Fujairah (NBF) successfully issued Additional Tier 1 capital securities (AT1 capital), amounting to USD ($) 275 million (AED 1.01 billion) today as part of strengthening of its capital structure supporting its business and operational strategy and refinancing of the existing AT1 capital securities of USD ($) 350 million which have been called for settlement on the first call date.
The move followed the approval of NNF’s shareholders, through a special resolution at the General Assembly Meeting (GAM) held on 26 June 2024, and the necessary regulatory approvals.
The new issuance has been privately placed with the Government of Fujairah. The capital instruments allow for the mandatory conversion into ordinary shares, at a ratio of AED 2.85:1, within two years of this issuance.
Dr. Raja Easa Al Gurg, Deputy Chairperson said: ‘The Board appreciates the importance of maintaining robust and balanced capital position and a well-diversified balance sheet to support future growth and l
ong-term sustainable performance. This AT1 capital issuance will further reinforce NBF’s position and will provide the solid foundation to grow and meet with any unforeseen challenges that may arise from the evolving global economy and operating environment.’
Source: Emirates News Agency