July 1 ,2009 (WAM) -- Emirates NBD announced today that it has concluded the issuance of Dhs4bn Tier 1 Debt Securities. These securities will enable the Bank's Tier 1 capital adequacy ratio to exceed 11% and the overall capital ratio to exceed 17%. The sole investor for this issue is the Investment Corporation of Dubai. The securities have a fixed rate coupon of 6.45% for the first five years before becoming floating rate. The UAE Central Bank has confirmed Tier 1 Capital status for Capital Adequacy purposes, a bank press release said today.

Commenting on this issue, H.E. Ahmed Humaid Al Tayer, Chairman of Emirates NBD, said: "As the largest Bank in the UAE, it is essential that Emirates NBD is well capitalised. Through this issuance we will continue to build on and maximise the benefits of the merger". H.E. Mohammed Ibrahim Al-Shaibani, Executive Director '&' Chief Executive Officer of Investment Corporation of Dubai, said: "A strong banking system is essential for the continued development of the UAE and through this injection of Tier 1 Capital, the Investment Corporation of Dubai is able to demonstrate its full commitment to Emirates NBD." Mr. Rick Pudner, Chief Executive Officer of Emirates NBD, said: "Our business model is robust and compared to our global peer group of banks, we are well capitalised. The Ministry of Finance has raised the bar for the UAE banking sector's Capital Adequacy and I am delighted with the very positive response from the Investment Corporation of Dubai, for them to subscribe to this issue. This reaffirms Dubai's position as the financial centre of the region".