Shuaa Capital, a leading financial services firm in the UAE, said that it has bought a 4.8 per cent stake in Ajman Bank, a major lender in the northern emirate, in a deal worth Dh100 million ($27.2 million), following the closure of the bank’s rights issue.
One of the leading Sharia’h compliant UAE based banks, Ajman Bank has maintained a continuous growth trajectory since inception and boasts an active network of services combined with healthy customer outreach programs.
In July 2018, Fitch Ratings assigned the bank a Long-Term Issuer Default Rating (IDR) of ‘BBB+’ with a stable outlook. Fitch also affirmed its short-term credit rating at F2.
Fawad Tariq-Khan, chief executive of Shuaa said: "Ajman Bank combines a strong franchise blended with an active growth strategy which we at Shuaa admire. We believe the bank is well positioned to continue to provide shareholder value, and fully endorse the strategic vision of the bank’s Board and management. We also look forward to building a closer relationship with them and exploring synergies between our respective platforms." – TradeArabia News Service
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