UAE waiting on National Bank for Development bid

Abu Dhabi Islamic Bank said on Monday it had not heard from Egypt's central bank about its consortium's 11 pounds per share bid for Egypt's National Bank for Development.

"Until now we have not received any information from Egypt," Managing Director Ahmed Darwish bin Dagher al-Marrar told a shareholders meeting.

Last week, a spokesman of Emirates International Investment Company, the lender's partner in the bid, said in a statement that Egypt's central bank rejected the offer because the price was too low.

An official at the National Bank for Development has said the offer, which was less than one-third of the lender's market price when it was announced, was the only bid received.

The price was below the year low of 13.14 pounds for National Bank stock.

The UAE consortium is effectively led by the ruling family of Abu Dhabi, the largest member of the United Arab Emirates federation.

Emirates International, owned by the ruling family, is the biggest shareholder of Abu Dhabi Islamic Bank.

National Bank for Development had 28.19 million shares issued at the end of 2006, which would value the bid at 310 million pounds.

Abu Dhabi Islamic Bank shareholders approved a 10% cash dividend at the bank's annual meeting.

The bank also replaced six members of its seven-member board at the meeting.

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