National Bank of Fujairah issues second tranche of perpetual Tier 1 Capital of AED 100 million
Latest tranche expected to improve bank’s Tier 1 capital adequacy ratio to 15.9%
National Bank of Fujairah PJSC (NBF) announced today the successful issuance of a second tranche of additional Tier 1 capital worth AED 500 million. The transaction was oversubscribed by investors ranging from insurance companies to government entities and was executed in partnership with Rasmala Investment Bank Ltd.
The perpetual rights issue was structured to comply with Basel III standards and followed a similar capital-raising exercise undertaken by the bank two years ago. Funds raised will be used to support the bank's ongoing growth plans and are expected to improve its Tier 1 capital adequacy ratio to 15.9 percent, up from 14.6 percent in 2014.
One of the fastest growing banks in the UAE, NBF's progress has been underpinned by not just robust liquidity and capital adequacy levels, but a strong and stable shareholder base. Since 2010, the compound annual growth rate of the bank's loan book and shareholders' equity has been recorded at 17.3 percent and 16.2 percent respectively.
His Excellency Sir Easa Saleh Al Gurg, KCVO, CBE Deputy Chairman commented:
"We are pleased to see the successful closure of the bank's second private placement exercise. Its positive reception is yet another encouraging reminder of the growing confidence in the bank's business franchise, and we look forward to leveraging the newfound support from investors and partners to propel the bank to greater success."
About National Bank of Fujairah PJSC:
Incorporated in 1982, National Bank of Fujairah PJSC (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 and Shariah compliant services. 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 LLC and Investment Corporation of Dubai. Rated Baa1 / Prime-2 by Moody's and BBB+ / A-2 by Standard & Poor's, both with a stable outlook, the bank is listed on the Abu Dhabi Securities Exchange under the symbol "NBF". It has a branch network of 15 across the UAE.