Emirates NBD seeks to raise Dh6.3 billion (US$1.72bn) to bolster its capital base during the financial crisis by converting emergency federal deposits, its chief financial officer said, sending shares higher.
The option to convert the deposits, which will bolster regulatory capital held as a cushion to absorb surprise shocks, is likely to be exercised by a number of banks in the UAE, CFO Sanjay Uppal said in an interview.
“This is not really a bailout,” Mr Uppal said. “I see this as systemic support.
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