Five banks increase their capital by 3.22 billion dirhams during 2023, after three banks during the past two years.

5 banks have increased their capital in the UAE since the beginning of this year, by 3.22 billion dirhams, which are the “Sharjah” banks, “International Commercial Bank”, “Ajman Bank”, “Ras Al Khaimah National” and “Emirates Investment Bank”.

During the past two years, 3 other banks, Mashreq Bank, National Bank of Fujairah, and National Bank of Umm Al Quwain, have increased their capital, in accordance with the requirements of the Central Bank, which imposed a minimum capital that must be maintained at no less than two billion dirhams.

«Bank of Sharjah»

The capital of Bank of Sharjah was increased by issuing 800 million shares at the nominal value of the share, at an issuance price of one dirham per share, with a total issuance value of 800 million dirhams for the benefit of the Sharjah government represented by Sharjah Asset Management as a strategic shareholder, which raised the government’s shareholding in the bank from 17.16% to about 40%. , while the capital became 3 billion dirhams.

«International Trade»

Last week, the Board of Directors of the Commercial International Bank approved an increase in the bank’s capital by an amount of 889.1 million dirhams, through the issuance of priority rights shares, provided that the subscription price for new shares at the nominal value of the share is one dirham, provided that the approval of the Central Bank and the Securities and Commodities Authority is obtained. As well as amending the bank’s articles of association to reflect the bank’s capital after the increase. The bank’s capital before the increase is 1.73 billion dirhams.

“Ajman Bank”

In addition, the general assembly of “Ajman Bank” approved an increase in its capital by 550 million dirhams through the issuance of priority rights shares. The bank stated that «the subscription price will be in the new shares with a nominal value of 1 dirham per share, and for 550 million shares, bringing the bank’s capital to 2.7 billion dirhams (2.7 billion shares)».

He pointed out that «the net proceeds of the issuance of priority rights shares will be used for the purpose of strengthening its capital base and complying with the capital adequacy requirements in accordance with the requirements of the UAE Central Bank, to meet the business needs of the bank’s corporate and individual customers and the bank’s working capital requirements in order to achieve cash flows, provided that the approval of the bank is obtained. The Central Bank, the Securities and Commodities Authority, and the amendment of the bank’s articles of association to reflect the bank’s capital after the increase.

“Ras Al-Khaimah National”

The General Assembly of “Ras Al-Khaimah National Bank” also agreed to increase the capital by 335.25 million dirhams, so that the capital after the increase became 2.011 billion dirhams, by distributing bonus shares of 20% (equivalent to 20 shares for every 100 shares) of the capital. the money.

«Emirates Investment»

The Emirates Investment Bank had increased the issued capital by 650 million dirhams to one billion dirhams by issuing priority rights for subscription.

The bank issued 6.5 million new shares at an issuance price of 100 dirhams per new share, which represents the nominal value of the share, which equals 100 dirhams per new share. The bank intends to use the net proceeds from the issuance to achieve the minimum requirement for the issued capital stipulated in the Emirates Central Bank circular to obtain the license, which the “Central” obligated all investment and wholesale banks in the UAE to obtain.