UAE’s largest bank FAB plans to raise up to $4.08 billion via rights issue

By Federico Maccioni

DUBAI, Nov 11 (Reuters) – First Abu Dhabi Bank, the UAE’s ​largest bank by ‌assets, is looking to raise up to 15 billion dirhams ($4.08 billion) through a ‌rights ​issue, it ⁠said on Wednesday.

The ⁠deal “will provide additional capacity to support FAB’s next phase of growth in ​the UAE and across the Group’s ⁠global franchise,” ⁠the bank said in ​a statement.

FAB is offering ​around 1.1 billion new shares ‌at a price of 13.52 dirhams per share, representing a ⁠30% discount to the closing share price on Tuesday.

Sovereign wealth ⁠fund ‌Mubadala, which has ⁠a 37.9% stake ​in ‌the firm, plans ​to subscribe ⁠for its full pro-rata entitlement, FAB added.

($1 = 3.6724 UAE dirham)

(Reporting by Federico Maccioni, Editing by Louise ​Heavens)