The bank boost its financial capital strength to AED 1 billion by the 18th of March 2007, from the AED 478 million it started with.
The planned increase in capital from AED 479 million to AED 1 billion happened in three trenches to achieve a capital increase of 521 million.
The first trench has already been achieved with 52%, amounting to AED 271 million, on 17th September 2006. The second trench 26%, amounting to AED 140 million took place on 17th December 2006 while 21% amounting to AED 109 million took place on March 18th 2007.
On its meeting held on 06/3/2007 AGM declared stock dividends of 10% of the paid capital on that date - amounting 89 million to its shareholders in 2006, which raised the capital from AED 890 million to 979 million before the completion of third trench.
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Commercial Bank International enters 3rd phase of AED 1 billion capital increase
- United Arab Emirates: Tuesday, May 22 - 2007 at 16:59
- PRESS RELEASE
In keeping with its planned and strategic increase in its capital, CBI, Commercial Bank International PJSC has announced its third phase of increase of AED 109 million, pushing the total capital amount presently pegged at AED 1,089 billion.
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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.
Posted by Lara Lynn Golden, News EditorTuesday, May 22 - 2007 at 16:59 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 Sat May 26 2007.
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