National Bank of Fujairah PJSC (NBF) enhances its capital composition
16 September 2024: Following the approval of NBF’s shareholders, through a special resolution at the General Assembly Meeting (GAM) held on 26 June 2024, and the necessary regulatory approvals, 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 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 long-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.”
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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 Shari’ah 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 for deposits and A3 for counterparty risk assessment 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 14 across the UAE.
For further information, please contact:
Strategic Marketing and Communications Department
E-mail: CorpComm@nbf.ae
Telephone: +971 4 507 8351 and +971 4 507 8576