United Arab Emirates-based Ajman Bank PJSC's board of directors approved a two-stage capital increase, subject to regulatory approval.
The bank said it will first increase its paid-up capital within the current authorized capital of 2.1 billion UAE dirhams. It will also propose to its annual general meeting to raise authorized capital to 3.5 billion dirhams and paid-up capital to 2.8 billion dirhams.
Ajman Bank is 25% owned by the emirate of Ajman and listed on the Dubai Financial Market. The lender provided no details on the structure of any capital increase.
As of May 11, US$1 was equivalent to 3.67 United Arab Emirates dirhams.
