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Five Banks get Capital Funding
ABU DHABI — In a major initiative to ease liquidity crunch, the Abu Dhabi Government has decided to inject Dh16 billion into five banks — First Gulf Bank (FGB), Abu Dhabi Commercial Bank (ADCB), Abu Dhabi Islamic Bank (ADIB), National Bank of Abu Dhabi (NBAD) and Union National Bank (UNB).
Among the five banks, FGB, ADCB and NBAD will receive Dh4 billion each while UNB and ADIB will receive Dh2 billion each.
Under the fresh initiative, the Government of Abu Dhabi will subscribe to Tier-I capital notes (Notes) to be issued by each of these banks. Each bank will be permitted to issue the Notes only up to the amount sanctioned to them. The Notes will be non-voting, non-cumulative perpetual securities and will be callable subject to certain conditions.
According to FGB officials, the Notes will bear a fixed rate of 6 per cent per annum payable semi-annually for a period of five years. Thereafter it will have a floating rate.
“Given current global economic conditions, the government believes that this strategic initiative is an appropriate and proactive response to ensure that the strong confidence in Abu Dhabi’s financial institutions is further enhanced,’’ the Abu Dhabi Finance Department officialssaid.
According to Hamad Al Curr Al Suwaidi, Member of Executive Council and Under-secretary of the Abu Dhabi Department of Finance, the government views this capital injection as an important step to allow
Abdulhamid Saeed, Managing Director of FGB, said: “FGB has had a great 2008 with a bottomline of over Dh3 billion based on a strong balance sheet and a capital adequacy ratio of 14.1 per cent. We are well on target to implement our growth plans for 2009 and beyond.”
“The Tier-1 capital injection by the government goes hand in hand with FGB’s growth plan. This confidence-building measure of the is a strong message to the financial services industry across the globe and is heartily welcomed.” Abdulhamid Saeed said. The initiative also demonstrates the foresight and commitment of the leadership in maintaining the strength and economic growth of
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