National Bank of Fujairah to tap debt programme to fund growth - The National:
"The National Bank of Fujairah, which counts the emirate’s government and Investment Corporation of Dubai among its shareholders, plans to set up a debt programme and regularly tap international capital markets from next year to fund its growth. NBF is yet to determine the size of the overall debt programme but the initial issuance is likely to be in the $350 million (Dh1.28 billion) range, and may reach as high as $500m, chief executive Vince Cook told The National. ICD, the sovereign wealth fund of Dubai, owns 9.8 per cent of the bank, while the Government of Fujairah has a 40.2 per cent stake in the Abu Dhabi-listed lender. “We are getting to the size now where we think we can justify some sort of an EMTN structure to regularly issue, which is something we have not done traditionally,” Mr Cook said."
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