Emirates NBD Issues AED4b Tier 1 Securities To ICDArabic
Published: 01-Jul-2009
The securities have a fixed rate coupon for the first five years, before becoming floating rate
Emirates NBD has issued AED4 billion Tier 1 Debt Securities. These securities would enable the Bank’s Tier 1 capital adequacy ratio to exceed 11%, and the overall capital ratio to exceed 17%. The sole investor for this issue is the Investment Corporation of Dubai.
The securities have a fixed rate coupon of 6.45% for the first five years, before becoming floating rate. The UAE Central Bank has confirmed Tier 1 Capital status for Capital Adequacy purposes.
Rick Pudner, CEO of Emirates NBD, said: “Our business model is robust and compared to our global peer group of banks, we are well capitalised. The Ministry of Finance has raised the bar for the UAE banking sector’s Capital Adequacy and I am delighted with the very positive response from the Investment Corporation of Dubai, for them to subscribe to this issue. This reaffirms Dubai’s position as the financial centre of the region”.
Abu Dhabi-based Emirates NBD is a retail banking franchise, with over 120 combined branches. The Group has presence in corporate banking arena, Islamic banking affiliated entities, and offers investment, private banking and asset management services.
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