Bank told to take over rival
Source: Agencies |
October 12, 2011, Wednesday
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Print Edition
Print Edition
DUBAI'S ruler yesterday ordered the city-state's largest bank to take over the struggling Dubai Bank, a lender with strong government ties that was rescued by the state earlier this year.
Dubai's media office said Sheik Mohammed bin Rashid Al Maktoum ordered Emirates NBD to acquire its smaller rival as part of government "efforts to enhance the banking sector in the emirate."
"Dubai Government is keen to take the necessary steps to empower financial institutions to fully operate in a way that serves the national economy and consolidate the country's position as a first class international financial hub," it said.
Terms were not disclosed.
Rick Pudner, CEO of Emirates NBD, said the deal wouldn't have a major impact on the company's balance sheet because of state help the lender got under the deal.
"The Dubai government is fully supporting the takeover," he said.
Dubai's media office said Sheik Mohammed bin Rashid Al Maktoum ordered Emirates NBD to acquire its smaller rival as part of government "efforts to enhance the banking sector in the emirate."
"Dubai Government is keen to take the necessary steps to empower financial institutions to fully operate in a way that serves the national economy and consolidate the country's position as a first class international financial hub," it said.
Terms were not disclosed.
Rick Pudner, CEO of Emirates NBD, said the deal wouldn't have a major impact on the company's balance sheet because of state help the lender got under the deal.
"The Dubai government is fully supporting the takeover," he said.
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