DUBAI: Emirates NBD announced yesterday that it has concluded the issuance of AED4 billion Tier 1 debt securities. These securities will enable the bank's Tier 1 capital adequacy ratio to exceed 11 percent and the overall capital ratio to exceed 17 percent. The sole investor for this issue is the Investment Corporation of Dubai. The securities have a fixed rate coupon of 6.45 percent for the first five years before becoming floating rate. The UAE Central Bank has confirmed Tier 1 Capital status for capital adequacy purposes.

"As the largest Bank in the UAE, it is essential that Emirates NBD is well capitalized. Through this issuance we will continue to build on and maximize the benefits of the merger," said Ahmed Humaid Al-Tayer, the chairman of Emirates NBD

"A strong banking system is essential for the continued development of the UAE and through this injection of Tier 1 Capital, the Investment Corporation of Dubai is able to demonstrate its full commitment to Emirates NBD," said Mohammed Ibrahim Al-Shaibani, executive director & chief executive officer of Investment Corporation of Dubai