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Islamic Finance Briefing - Categorized | Banking, Market Moves more

UAE completes bank buy-out

Posted on 20 October 2009

From Tradearabia.com: The UAE’s Ministry of Finance has completed the buyout of the Emirates Industrial Bank as a key step in the formation of the Dh10 billion ($2.72 billion) Emirates Development Bank.

The ministry today signed an agreement to buy the remaining 49 per cent stake from 13 public institutions, banks and insurance companies. This adds to the 51 per cent already owned by the government……………………Full Article: Source

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