Emirates NBD, the largest Gulf bank by assets, took over Dubai Bank, an Islamic bank fully owned by the Government of Dubai. The acquisition was done on the orders of His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE, in his capacity as Ruler of Dubai.
“This [the acquisition] comes in line with the Dubai Government’s efforts to enhance the banking sector in the emirate,” according to a press statement from the Dubai Government Media Office……………………………………….Full Article: Source