UAE’s First Gulf Bank wins approval for bond issue

Dubai: First Gulf Bank, the largest lender by market value in the United Arab Emirates, has obtained shareholder approval to issue debt, it said in a bourse filing on Monday.

The bank received approval from its investors to authorise the board “to issue any type of bonds, Islamic sukuk, non-convertible into shares or financing programmes,” and to set the terms of the instrument and the date of issuance, it said.