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Islamic Finance Briefing - Categorized | Banking, Market Moves more

Emirates NBD paid Dh10 to take on Dubai Bank

Posted on 16 February 2012

Emirates NBD paid just Dh10 to acquire Dubai Bank, the Islamic lender that was rescued by the Government last year. As part of the deal, the nation’s largest bank received Dh2.8bn (US$762.2 million) of funds from the Ministry of Finance and a blanket guarantee from the Dubai Government for losses resulting from the acquisition for the next seven years.
Details of the deal were revealed alongside a 62 per cent fall in net profit for the fourth quarter to Dh152m, which fell short of analysts’ estimates. Earnings for the full year rose 6 per cent to Dh2.48bn………………………………………..Full Article: Source

 
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