Browse
related articles
The Notes will bear interest at a fixed rate of 6% per annum payable semi-annually in arrear from (and including) the issue date for a period of five years, and thereafter at a floating rate, reset and payable semi-annually in arrear, reflecting the initial margin above the then prevailing six-month Emirates Interbank Offered Rate (EIBOR). The Notes are non-voting, non-cumulative perpetual securities, and are callable subject to certain conditions.
Abdulhamid Saeed, Managing Director of First Gulf Bank, stated that
"FGB has had a great 2008 with a bottom line of Dhs3,005m based on a strong Balance Sheet and a Capital Adequacy Ratio of 14.1%. We are well on target to implement our growth plans for 2009 and beyond. In view of the ongoing global crisis, we believe that markets in general will better value banks with strong capital positions. The Tier 1 capital injection by the government goes hand in hand with FGB's growth plan and complements our objective to be a well capitalized banking entity. This confidence building measure from the Government of Abu Dhabi to show solidarity with the banking system in Abu Dhabi is a strong message to the Financial Services Industry across the globe and is heartily welcomed."
Digg
Facebook
LinkedIn
Twitter
Posted by Rima Ali Al Mashni
It looks like you are using a Mac - check out our 
Web Feeds