Emirates NBD Bank Courts More Foreign Shareholders as Rights Issue Raises 6.45 Billion Dirhams
Posted on 11/22/2019
Emirates NBD Bank PJSC raised 6.45 billion AED (US$ 1.76 billion) by issuing new shares. Emirates NBD Bank is the largest lender in Dubai. The bank announced the rights issue was oversubscribed approximately 2.8 times. Recently, Emirates NBD’s foreign ownership limit was increased from 5% to 20%.
Sheikh Ahmed Bin Saeed Al Maktoum, chairman, Emirates NBD, in a public statement said: “We appreciate the excellent response from existing shareholders in our first rights issue and are pleased to enjoy their strong support, a vote of confidence in Emirates NBD’s financial position and market standing. The positive response we have received will further strengthen our balance sheet and help progress milestones as we continue our growth journey and commitment to our shareholders.”
Recently, the Dubai-based bank hired Patrick Sullivan from Standard Chartered Plc as its group chief financial officer. Sullivan is group financial controller at Standard Chartered.