Commercial Bank of Dubai plans $750m Tier 1 bond

Dubai: Commercial Bank of Dubai (CBD) said on Tuesday it plans to raise up to $750 million in capital boosting perpetual bonds.

The lender said that its board had proposed a Basel III compliant Tier 1 perpetual bond worth up to $750 million, subject to shareholder and regulatory approval. CBD’s tier 1 ratio — regarded as one of the key indicators of a bank’s health — stood at 16.67 per cent at the end of first half 2015.

The board meeting will be held on Sept. 13, CBD said in a bourse statement.