Abu Dhabi Islamic Bank (ADIB) will host an extraordinary general shareholders meeting (EGM) on June 21 to cast a vote on a plan to raise capital through a rights issue of stock to support the bank's growth.
There also will be a vote on a proposal to expand a bank program that issues sharia-compliant tier 1 capital instruments.
“ADIB has experienced a period of strong expansion, and we expect this growth trajectory to continue. In order to support our growth, the bank is looking to raise additional capital, and as such, we are now inviting our shareholders to participate in a rights issue,” Tirad Al Mahmoud, ADIB’s group CEO, said.
“We are also keeping our various capital-instrument issuance programs up to date, should an opportunity present itself in the future to raise alternative forms of capital,” Al Mahmoud said.
“We are committed to maintain a solid capital base and to deliver the superior returns our shareholders and capital market investors have come to expect from ADIB, as a top-tier financial institution,” Al Mahmoud said. “ADIB has a proven customer-centric strategy to build market-leading retail, private and wholesale banking businesses in the UAE, and we continue to explore select opportunities in other growth markets.”