The bank is preparing to boost its financial capital strength to AED 1 billion by the 18th of March 2007, from the AED 478 million it started with.
Speaking on the announcement, Khamis Buharoon, the CEO at CBI, 'The bank declared stock dividends of 60% to its shareholders in 2005, which raised the capital from AED 299 million to 479 million. This 60% dividend is considered to be one of the best in the market and places CBI at the top rung in the banking industry of the country.
The planned increase in capital from AED 479 million to AED 1 billion will happen in three tranches to achieve a capital increase of 521 million.
The first tranche has already been achieved with 34%, amounting to AED 177 million, coming in on 17th September 2006. The second trench 33%, amounting to AED 172 million took place on 17th December 2006 while 33% amounting to AED 172 million is set to take place on March 17 2007.
Commercial Bank International enters 2nd phase of AED 1 billion capital increase
In keeping with its planned and strategic increase in its capital, CBI, Commercial Bank International has announced its second phase of increase of AED 140 million, pushing the total capital amount presently pegged at AED 890.
- United Arab Emirates: Monday, January 15 - 2007 at 15:34
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About Commercial Bank International (CBI)CBI started operations on May 1991 with one branch in Ras Al Khaimah and one in Dubai with a paid up capital of AED 44 Million and authorised capital of AED 100 million.
Currently CBI has a network of 8 branches and 18 ATMs spread across the Emirates, in addition to the Call Centre. The staff strength is 400, of which 30% are UAE Nationals.
Issued on behalf of Commercial Bank International by Identity. For further press information, please contact Khalil Majdalawi on: Tel. (971) 4 2951177
Fax: (9714) 2951188
Posted by Lara Lynn Golden, News EditorMonday, January 15 - 2007 at 15:34 UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of AME Info FZ LLC / Emap Limited.
This Article was updated on Tuesday, May 01 - 2007
Index : Company News : Commercial Bank International
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