| Knowledgeable sources revealed that the Bank of Dubai may merge with the Emirates Islamic Bank NBD (EIB). A committee comprising of Emirates NBD’s executive director Rick Bender, and senior representatives of Dubai Bank and EIB found that the merger would be possible given EIB’s sophisticated system which allows it to fully absorb Dubai Bank’s operations, in addition to significantly minimizing costs as a result of adopting a unified system, Alkhaleej said.
In an unsourced report, the Sharjah-based Arabic language daily said the merger would cut costs for both banks, adding that the committee decided it would not be feasible for Dubai Bank to remain a separate entity because of the downturn in business in the country and the surge in Shariah-complaint bank services...............................................Full Article: Source
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