Emirates NBD seeks $2bn in fresh capital

Emirates NBD, the country’s biggest lender, plans to raise up to US$2 billion (Dh7.34bn) in fresh capital this year, taking advantage of a new federal law that guarantees bonds issued by local banks.

The law, announced in June, is expected to cover medium-term notes and longer-dated bonds, helping local lenders who are under pressure to boost deposits and fund new lending.

“It will hopefully be this year,” said Sanjay Uppal, the chief financial officer at Emirates NBD.