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Mashreq Bank to raise bond plan to $5 billion

Dubai, February 12, 2010

Mashreq, Dubai's largest bank by market value, said it plans to raise the size of a euro medium term note programme to $5 billion from $2 billion.

The lender, owned by billionaire Abdul Aziz al-Ghurair, said in a regulatory filing late on Thursday that it would seek approval from shareholders for the bond plan at an extraordinary general assembly meeting on March 7. It did not give further details.

Mashreq made a net loss of 120 million dirhams ($33 million) in the fourth quarter as it raised provisions for asset impairments.-Reuters

Tags: Mashreq | bond | raise |

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