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First Gulf Bank to convert $1.23bn to capital

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Sunday, 29 March 2009
MONEY MATTERS: FGB is the fifth Abu Dhabi bank that has secured financing from the finance ministry.
MONEY MATTERS: FGB is the fifth Abu Dhabi bank that has secured financing from the finance ministry.

Abu Dhabi-based First Gulf Bank said on Sunday it had secured AED4.5bn ($1.23bn) from finance ministry and would convert it into Tier 2 capital.

"The bank got AED4.5bn dirhams in two tranches of AED2.2bn and AED2.3bn and a decision has been taken to convert it into Tier 2 capital," a senior bank executive told Reuters.

Shareholders approval had been secured, he said.

"The bank's capital adequacy ratio (CAR) will now be slightly higher than 21 percent. Higher CAR means higher lending and investing capacity," said the executive, who asked not to be named due to company policy.

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FGB is the fifth Abu Dhabi bank that has secured financing from the finance ministry. (Reuters)

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