Wednesday, 07 January 2009
updated 1 minute ago
02:57 UAE time

YOUR DIRECTORY /

Goldman Sachs to advise on Dubai banks merger

by Ben Flanagan and Reuters on Monday, 09 April 2007

Goldman Sachs has won a contract to advise Emirates Bank International (EBI) and National Bank of Dubai (NBD) on merging, the lenders said in a statement on Monday.

In a move that will create the UAE's largest lender, National Bank of Dubai (NBD) and Emirates Bank International are to merge later this year.

The move, which was approved with the blessing of HH Sheikh Mohammed bin Rashid Al Maktoum, vice president and prime minister of the UAE and ruler of Dubai, will create a lender with US$45 bn in assets.

Story continues below ↓

The UAE government owns 14% of NBD and around 77% of Emirates Bank, Dubai's largest bank.

As previously reported, Emirates Bank has appointed KPMG to carry out due diligence, while NBD has appointed Ernst & Young.

READERS' COMMENTS

Click here to post a comment

Add your Comment All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic.

Name *
Remember me on this computer
Email *	(Your email address will not be published)
City
Country

Subject *

Comment *


Notify me of further comments
Security Code *
Please click post only once - your comment will not be published immediately.

< Previous article
Jumeirah eyes China's 'secondary cities'

Next article >
Latest figures show traffic improving

TOP IN MIDDLE EAST BANKING & FINANCE

ALSO IN MIDDLE EAST BANKING & FINANCE

LATEST MIDDLE EAST BUSINESS NEWS

EMAIL ALERTS

CONTACTS
Advertise
Who's Who

MOST POPULAR BANKING & FINANCE STORIES

EMIRATES ID DOWNLOAD

READER COMMENTS

UAE banks at high exposure to real estate sector 1
06 Jan ' 09 at 20:02
What could be the better or best balternative investment to the UAE banks other then reality (prime) sector.East or West all countries... More »