National Bank of Abu Dhabi NBAD.AD said on Wednesday it planned to convert into Tier 2 capital 5.6 billion dirhams ($1.53 billion) of United Arab Emirates federal government deposits received last year.
Shareholders of the bank approved the move at a meeting on Wednesday, Chief Executive Michael Tomalin told reporters in the UAE capital, Abu Dhabi.
"It is attractive because it is Tier 2 capital, the coupon is 4.5 percent and the tenure is seven years," Tomalin said. "So it is all reasonably attractive."
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