Emirates Islamic to launch $408m rights issue

According to announcement, Emirates NBD's Islamic unit plans will start with a rights issue worth Dhs1.5bn ($408m) this month. Emirates Islamic Bank (EIB) will offer 1.5 billion shares at Dhs1 each between January 25 and February 3, thus increasing its capital to Dhs3.93bn. Since last year, Dubai Bank is formally part of Emirates NBD, since it was rescued by the Dubai government in May 2011.

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