National Bank of Fujairah plans to raise its first-tier capital by issuing bonds worth $ 350 million, equivalent to 1.28 billion dirhams this year, amid the growth and digitization of its operations.
Vince Cook, chief executive of the bank, was quoted by Bloomberg as saying that the bank was waiting for the appropriate time to put the bonds on the market.
He explained that the time seems right and the issue that everyone is thinking is what will happen to interest rates. He expressed optimism that the bank will achieve the same growth in lending and deposits in 2019, despite the slow start in this year.
The bank had previously converted bonds to shares and paid off second-class debt last November. The bank recorded its best profits in the past year, which amounted to 1.1 billion dirhams, or an increase of 15.2%, while net profit reached 615.3 million dirhams.
Namazon Services..programmed technical analysis platform ... for Emirati, Saudi, and global markets >
With your support, we continue to provide valuable content and smart solutions for investors, to discover opportunities in the local and global markets
To more:
Saudi Arabia: The case of Ma'an Al-Sanea is in the process of resolving
