National Bank of Fujairah PSC pays off subordinated debt from Ministry of Finance
Full repayment ahead of 2016 maturity date underscores bank’s strong financial position
National Bank of Fujairah PSC announced that it has repaid its AED 643 million subordinated loan to the UAE Ministry of Finance in full and ahead of its original maturity date of 2016, having received all necessary approvals from the country's Central Bank and Ministry of Finance.
H.E. Easa Saleh Al Gurg, KCVO CBE, Deputy Chairman said:
"The repayment of NBF's subordinated debt to the Ministry of Finance in full and well in advance of its original maturity date underscores the bank's strong business fundamentals and capacity for growth. I would like to take this opportunity to thank the UAE Ministry of Finance for their leadership and support at a time of tremendous change in the financial sector, which has helped minimise the impact of the recent market crisis and pave the way for future growth."
About National Bank of Fujairah PSC:
Incorporated in 1982, National Bank of Fujairah PSC (NBF) is a full services corporate bank with strong corporate and commercial banking, treasury and trade finance expertise as well as an expanding suite of personal banking options. Leveraging its deep banking experience and market insight within Fujairah and the UAE, NBF is well-positioned to build lasting relationships with its clients and help them achieve their business goals.
NBF's key shareholders include the Government of Fujairah, Easa Saleh Al Gurg Company LLC and Investment Corporation of Dubai. It is listed on the Abu Dhabi Securities Exchange under the symbol "NBF" and has a branch network of 14 across the UAE.