|21 November, 2019

Emirates NBD raises $1.76bln in an oversubscribed rights issue

The bank plans to use the proceeds to strengthen its capital base and support growth

A view of Emirates NBD head office in Dubai, UAE January 30, 2018. Image used for illustrative purpose.

A view of Emirates NBD head office in Dubai, UAE January 30, 2018. Image used for illustrative purpose.

REUTERS/Satish Kumar

DUBAI  - Emirates NBD Bank raised 6.45 billion dirhams ($1.76 billion) by issuing new shares after the capital call was oversubscribed by about 2.8 times, it said in a statement on Thursday.

Dubai's largest lender said the deal saw strong demand from the United Arab Emirates (UAE), as well as from Middle Eastern and international investors.

The bank plans to use the proceeds to strengthen its capital base and support growth, it said.

In July, Emirates NBD completed a $2.8 billion purchase of Turkey's Denizbank to bolster its business outside the UAE.

($1 = 3.6727 UAE dirham)

(Reporting by Nafisa Eltahir; editing by Jason Neely) ((Nafisa.Eltahir@thomsonreuters.com; +971 56 226 1754;))

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