Dubai-listed Al Salam Bank's AT 1 issuance raises $450mln
The private placement drew substantial demand from investors in the region and overseas despite global market volatility, the company, which is dual-listed on the Bahrain Bourse and Dubai Financial Market (DFM), said on Tuesday.
'The overwhelming response to our USD 450 million AT1 capital issuance is a testament to Al Salam Bank's financial stability, market credibility and strategic direction,' said Rafik Nayed, Group CEO of Al Salam Bank and Managing Director of ASB Capital.
Al Salam's investment banking arm, ASB Capital was mandated to advise and structure the issuance.
The offering is part of the company's strategy to strengthen its capital base and support future growth plans. The company also looks to boost its position as a diversified financial group in the region.
Since 2020, Al Salam has consistently increased its total equity by more than 65%, according to Nayed.
(Writing by Cleofe Maceda; editing by Seban Scaria)
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