UAE lender CBI seeks shareholder vote to boost capital

Commercial Bank International, which holds a shareholder vote on March 22, plans to issue 430mln new shares at $0.2723 each

  
Investors are seen at the Dubai International Financial Market in Dubai, UAE February 7, 2018.

Investors are seen at the Dubai International Financial Market in Dubai, UAE February 7, 2018.

REUTERS/Satish Kumar

DUBAI - United Arab Emirates lender Commercial Bank International (CBI), which is partly owned by Qatar's National Bank (QNB), is seeking to increase its capital to comply with a regulation that its UAE shareholding should not be less than 60%.

CBI, which holds a shareholder vote on March 22, plans to issue 430 million new shares at 1 dirham ($0.2723) each to boost its outstanding shares to about 2.17 billion shares, it said in a filing to the Abu Dhabi bourse.

QNB, Qatar's biggest lender, owns 40% of CBI.

($1 = 3.6728 UAE dirham)

(Reporting by Saeed Azhar; Editing by Edmund Blair) ((Saeed.Azhar@thomsonreuters.com; +971 44536787; Reuters Messaging: saeed.azhar.reuters.com@reuters.net))


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