Dubai: The Emirates NBD General Assembly yesterday agreed to issue debt bonds worth Dh4 billion to the Investment Corporation of Dubai.
The decision was arrived at during an extraordinary meeting of the general assembly held yesterday evening.
The moves are in line with the Finance Ministry's requirements regarding the first part of the bank's capital.
The meeting was chaired by Ahmad Humaid Al Tayer, Governor of the Dubai International Financial Centre (DIFC) and Chairman of Emirates NBD.
The assembly approved a proposition by the Finance Ministry to turn the cash support loan to the loan for the second part of the bank's capital, and the board was authorised to take all necessary procedures in this regard.
The assembly also approved the distribution of a 20 per cent cash dividend for the financial year ending December 31, 2009, during which the bank made profits of Dh3.3 billion.
Al Tayer said last year had witnessed the completion of the merger process of the bank, the successful move to a unified information technology system and the launch of the new bank's identity.
