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Government takes over Dubai bank

Tuesday, May 17, 2011
From The Government of Dubai will immediately make adequate capital injection into Dubai Bank, thereby taking over the bank, a statement issued by the Dubai Government Media Office said.

The Dubai Government, acting under directions from His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE, Ruler of Dubai, announced today that it has taken over Dubai Bank with immediate effect.

The Government of Dubai emphasised that it has decided to act swiftly to ensure the preservation of all of Dubai Bank's Depositors interests, according to the statement.

The injection will effectively dilute the complete holding of Dubai Bank's current shareholders, and consequently allow the 100 per cent takeover of the bank by the Government of Dubai. Before this acquisition Dubai Bank was jointly owned by Dubai Holding and Emaar at 70 per cent and 30 per cent respectively.

The statement further clarified that the intervention is designed to ensure that Dubai Bank's business continues uninterrupted while options for the bank's future, whether to be run on a stand-alone basis or be potentially merged with another bank in which the Government has ownership, are being assessed.

The Central Bank of the UAE and the Ministry of Finance has extended their support to Dubai Governments' initiative. The management team at Dubai Bank will not be affected by the takeover and will remain in place without any changes, the statement said. Source

- FG

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