Abu Dhabi - Mubasher: The board of Commercial Bank International (CBI) has recommended to increase the bank's capital to AED 2.167 billion by issuing 430 million new shares at a price of AED 1 per share.

This proposal is in line with the UAE Federal Decree Law, which requires UAE shareholding to be not less than 60%, according to a bourse filing on Thursday.

The board will be authorised to set the terms and date of issuance, which is subject to obtaining approvals of the Central Bank of the UAE (CBUAE) and the Securities and Commodities Authority.

It is noteworthy to mention that in 2020, the bank's net profits attributable to the owners plunged to AED 27.336 million, compared to AED 116.734 million in 2019.