Emirates NBD unit plans $408m rights issue

Islamic unit of Dubai's largest bank intends to begin rights issue later this month

The Islamic unit of Emirates NBD, Dubai's largest listed bank, intends to begin a AED1.5bn ($408m) rights issue this month.

Emirates Islamic Bank (EIB) will increase its capital to AED3.93bn through the offering of 1.5 billion shares at 1 dirham each between January 25 and February 3, it said in a filing to the Dubai bourse on Wednesday.

No details were given on how EIB intends to use the proceeds of the share issue, which was first announced last month.

EIB formally merged with Dubai Bank last year. Dubai Bank, which was rescued by the Dubai government in May 2011, was absorbed into Emirates NBD at the behest of the authorities in October 2011.

Related:
Companies
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

NOTE: Comments posted on arabianbusiness.com may be printed in the magazine Arabian Business

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

All comments are subject to approval before appearing

Further reading

Features & Analysis
A humbler Qatar still wants to punch above its weight

A humbler Qatar still wants to punch above its weight

Qatar has acquired more than $335bn worth of assets around the...

Saudi Arabia spends money to make money

Saudi Arabia spends money to make money

Tour of Asia by Saudi Arabia's King Salman advances drive to...

Soft money: will cash transactions soon be a thing of the past?

Soft money: will cash transactions soon be a thing of the past?

The rapid digitisation of banking in the UAE is enabling robots...

Most Discussed
sponsoredTracking