Dubai – Mubasher: Commercial Bank of Dubai (CBD) said its shareholders will meet on Sunday, 13 September, to discuss a board proposal to issue Tier 1 capital perpetual bonds worth $750 million, according to a bourse filing on Tuesday.

These bonds are intended to qualify as additional Tier 1 capital for CBD in accordance with the Central Bank of the UAE’s directives on Basel III capital instruments, the bank said in its statement.

In the event of an incomplete quorum, shareholders will convene on Sunday, 20 September.

CBD recently reported 5% growth in its net profits for the first half of 2015 to AED 609.8 million, up from AED 581 million in H1-14. Meanwhile, Q2 profits increased 6.23% to AED 314.7 million from AED 296.3 million in the same period of 2014.