| Emirates NBD PJSC said its takeover of unprofitable Dubai Bank PJSC, the Islamic lender rescued by Dubai’s government in May, won’t hurt profit as the emirate cleans up its banking industry.
The takeover “will not affect the profit and loss, the non-performing loan percentages due to the transaction structure and support provided by the government of Dubai,” Emirates NBD Chief Executive Officer Rick Pudner told reporters in a conference call today. “Dubai Bank will be capitalized by Emirates NBD to the extent necessary and this will have negligible impact on the group’s overall capital ratios.”.............................................Full Article: Source |