Emirates Islamic to launch $408m rights issue
Complex Made Simple

Emirates Islamic to launch $408m rights issue

Emirates Islamic to launch $408m rights issue

Emirates NBD, Dubai's largest listed bank, has announced its Islamic unit plans to begin a Dhs1.5bn ($408m) rights issue this month, Reuters has reported. Emirates Islamic Bank (EIB) will increase its capital to Dhs3.93bn through the offering of 1.5 billion shares at Dhs1 each between January 25 and February 3. EIB formally merged with Dubai Bank last year. Dubai Bank, which was rescued by the Dubai government in May 2011, was absorbed into Emirates NBD at the behest of the authorities in October 2011.

    Author
    AMEinfo Staff

    AMEinfo staff members report business news and views from across the Middle East and North Africa region, and analyse global events impacting the region today.

    © 2021, ADigitalcom. All rights reserved