UAB successfully completes issuance of additional Tier 1 capital instruments

UAB successfully completes issuance of additional Tier 1 capital instruments

SHARJAH, 9th April, 2023 (WAM) – United Arab Bank P.J.S.C. (UAB) has announced the successful issuance of its USD 150 million Additional Tier 1 (AT1) capital instrument which recently concluded through a private placement as per the General Assembly approval which took place on 24th January 2023. This landmark issuance will strengthen the Bank’s capital adequacy and boost it’s Tier 1 Capital ratio.

Commenting on the transaction, Mr. Shirish Bhide, Chief Executive Officer - UAB, said: “We are very pleased with the success of the issuance of non-convertible Additional Tier 1 capital (“AT1”) and I would like to thank our stakeholders for the continued trust and confidence they have in the Bank.''

''Moving forward, this issuance will improve the financial position of the Bank for future growth as it will enhance our capital adequacy and facilitate our business plans to generate sustainable returns to our shareholders and support the UAE economy. As such, we would like to thank the Central Bank of UAE, the Securities and Commodities Authority in UAE and all other parties involved for their guidance and valuable support in this issuance”.

Standard Chartered Bank acted as the Structuring Adviser for the issuance.