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Friday, 27 November 2009 02:54 UAE time

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Dubai banks merger to up competition

by Reuters on Sunday, 18 March 2007

A planned merger between National Bank of Dubai and Emirates Bank International would boost their international competitiveness, UAE Central Bank Governor Sultan Nasser al-Suweidi said on Sunday.

The merger would create the Gulf's biggest lender by assets, ahead of Saudi Arabia's National Commercial Bank.

"Eventually, when there is a big merger, that will create a big entity that will be able to forge better international deals," Suweidi told reporters on the edge of a finance conference in Abu Dhabi.

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The two banks will merge at the behest of Dubai's ruler to form a lender large enough to meet the demands of a growing economy, Emirates Bank said on March 7.

"There is agreement at the top level," Suweidi said of the planned merger.

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READER COMMENTS

  1. Deal sought on Dubai World, Nakheel debts 19
    26 Nov ' 09 at 20:13
    Red Devil/Sandjocky, I have also had several posts blocked over the past couple of days, posts that speak of the facts only as they...   More  »
  2. UAE real estate market has now hit bottom - analysts 05
    26 Nov ' 09 at 21:36
    Comn' AB is a yo-yo when it comes to news.People forecasting good and then bad. Good and bad and then some more "experts" saying...   More  »
  3. Moody's cuts Dubai GRI ratings amid debt delay 02
    26 Nov ' 09 at 19:51
    Dubai World better change its slogan & reposition itself - Dubai LTD.   More  »

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