National Bank of Fujairah Strengthens Capital Structure with AT1 Capital Conversion
NBF converts $275M AT1 capital to ordinary shares, reinforcing equity base, driving growth, and aligning with UAE economic goals.
Following the approval of the General Assembly Meeting (“GAM”) held on 26 June 2024 and the Regulatory Authorities, NBF has successfully completed its conversion of the Additional Tier 1 capital securities (“AT1 capital”), amounting to USD ($) 275 million (AED 1.01 billion) at a ratio of AED 2.85:1, today into ordinary paid-up share capital as part of strengthening of its capital structure enabling its business and operational strategy.
The Board believes in ongoing investment in NBF brand to capitalize market opportunities for future growth while preserving the bank’s capital strength. This conversion of AT1 capital into ordinary paid-up share capital augmented NBF’s common equity tier 1 capital base in line with growth prospects and regulations. In the year ahead, NBF will continue to strengthen its operating platform, enhance value creation, tap new business opportunities and support the overall development of the UAE economy.
– H.H. Sheikh Saleh Bin Mohamed Bin Hamad Al Sharqi, Chairman, National Bank of Fujairah PJSC
