Emirates NBD eyes $2bn bonds

Emirates NBD, the Gulf's largest lender by assets, may sell about $2 billion of bonds next year, Chief Executive Officer Rick Pudner said on Tuesday, as part of a borrowing programme to expand lending.

Emirates Bank International Ltd, which combined with National Bank of Dubai to form Emirates NBD last month, has so far this year sold about $2 billion of bonds under its euro medium-term note programme, Pudner told reporters on the sidelines of a bankers' meeting in Dubai

"We will probably see similar amounts being raised next year," Pudner said.

The bank plans to grow its lending business in the UAE, and expand in the Middle East through acquisition and adding branches, Pudner said last month.

The lender might consider a secondary listing on a stock exchange to gain "more visibility," Pudner said. Five percent of the bank's shares are open to ownership by nationals from outside the six Gulf Arab states, Pudner said.

The bank had assets of 228 billion dirhams ($62.14 billion) on September 30.

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