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National Bank of Fujairah PJSC has privately placed Additional Tier 1 (AT1) capital securities amounting to $275 million with the Government of Fujairah.
The additional capital will support its capital structure and refinance the existing AT1 capital securities of $350 million, which have been called for settlement on the first call date, the ADX-listed bank said in a filing on Monday.
The instruments will allow for the mandatory conversion into ordinary shares within two years of this issuance.
(Writing by Brinda Darasha; editing by Seban Scaria)
