Ajman Bank PJSC announced recently the listing of its shares on the Dubai Financial Market (DFM). Ajman Bank's share ticker is Ajmanbank and its shares have started trading. More than 211,000 UAE and non-UAE investors applied for shares in the initial public offer, submitting over AED42 billion for investment, representing an over-subscription rate of more than 77 times. Sheikh Ammar Bin Humaid Al-Nuaimi, Crown Prince of Ajman and Chairman of Ajman Bank, said: “This is a momentous day for Ajman Bank and for Ajman. The bank will play a central role in the economic development of Ajman and it will also help to deliver a new and innovative financial services offering to the UAE, and ultimately, GCC markets. The combination of servicing the financing needs of enterprises and delivering a fresh, new banking service to business and retail customers will mean that Ajman Bank will create long term value for its investors and customers alike. The proceeds from the initial public offering together with the capital raised through an earlier founders private placement representing 45 percent of Ajman Bank total capital, will be invested in establishing Ajman Bank' operations including retail, corporate and investment banking services. Our first branch will be based in Ajman, with branches in Dubai and Abu Dhabi to follow shortly afterwards.” Ajman Bank will be the first Shariah bank incorporated and headquartered in the Emirate of Ajman.
