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National Bank of Fujairah PJSC (NBF) strengthens its governance and capital composition

NBF held its General Assembly Meeting (GAM) today at Novotel Hotel, Fujairah, United Arab Emirates, where shareholders ratified the appointment of Mr. Easa Farid Al Gurg onto the NBF Board of Directors, as a new Board member on the vacant position to comply with the Bank’s Articles of Association and regulatory requirements.

Also, the shareholders confirmed the appointment and remuneration for Mr. Moosa Tariq Al Khoory as a member of the bank’s Internal Shari’a Supervision Committee for NBF Islamic over a period of 3 years.

In addition, through a special resolution, the shareholders approved the issuance of an amount up to USD ($) 275 million (AED 1.01 billion) Additional Tier 1 capital securities (“AT1 capital”) for the purpose of supporting the Bank’s capital adequacy ratio. The issuance will be privately placed with the Government of Fujairah and the capital instruments shall include the terms and conditions required by the competent regulatory authorities. The instrument will be converted into ordinary shares, at a conversion ratio of AED 2.85, within two years of the issuance, subject to relevant competent regulatory approvals.

Dr Raja Easa Al Gurg, Deputy Chairperson said:

"The Board recognises and believes in the importance of ongoing investment in governance, and in the brand to support future growth and preserving strong capital ratios. The approved capital issuance will further strengthen NBF’s position and provide the strong foundation to support its business growth strategy and augurs well for the future."


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
Telephone: +971 4 507 8351 and +971 4 507 8576

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