September 16, 2024

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.”

 

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

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