November 21, 2019 / 7:20 AM / 15 days ago

Emirates NBD raises $1.76 bln in an oversubscribed rights issue

DUBAI, Nov 21 (Reuters) - Emirates NBD Bank raised 6.45 billion dirhams ($1.76 billion) by issuing new shares after the capital call was oversubscribed by about 2.8 times, it said in a statement on Thursday.

Dubai’s largest lender said the deal saw strong demand from the United Arab Emirates (UAE), as well as from Middle Eastern and international investors.

The bank plans to use the proceeds to strengthen its capital base and support growth, it said.

In July, Emirates NBD completed a $2.8 billion purchase of Turkey’s Denizbank to bolster its business outside the UAE.

$1 = 3.6727 UAE dirham Reporting by Nafisa Eltahir; editing by Jason Neely

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