With Tier 2 capital issues having been dealt with by several banks over the last fortnight, Emirates NBD and Union National Bank seem first off the block in dealing with Tier 1.
Sheikh Nahyan bin Mubarak Al Nahyan Chairman of Union National Bank Group, speaking at the annual general assembly of the bank late on Saturday, said that UNB, this year, will issue Tier-1 capital bonds for the Abu Dhabi government with a nominal value of Dh2 billion. "These will be on a non-cumulative basis," he added.
Emirates NBD is also likely to expand its Tier 1 capital by about Dh3.5 billion, during the current year itself, Sanjay Uppal, Group Chief Financial Officer, Emirates NBD, revealed exclusively to Emirates Business.
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