Abu Dhabi boosts Al Hilal Bank's capital by Dh400m, CEO says - The National

Abu Dhabi boosts Al Hilal Bank's capital by Dh400m, CEO says  - The National:

Abu Dhabi has increased the share capital of its wholly-owned Al Hilal Bank by Dh400 million, a timely boost for the Islamic lender, which is modernising its branch network and investing in technology.

The increase in capital by the Abu Dhabi Investment Council, the state-owned firm that has tied-up with Mubadala Investment Company, was granted in June, Alex Coelho, the Al Hilal chief executive, told The National. Al Hilal’s share capital has risen to Dh3.5 billion from Dh3.1bn, as it pursues growth plans, he added.

“While the increase will further strengthen the bank’s balance sheet and capital base, from a more long-term perspective, it allows us to meet the growing demand for Islamic finance by investing in areas with the greatest growth prospects,” said Mr Coelho.