By Gavin Gibbon
Bank has set a foreign ownership limit of 40 percent
Commercial Bank of Dubai has opened up its shares to foreign investment.
The bank has set a foreign ownership limit (FOL) of 40 percent after receiving regulatory approval. Shareholders had previously given the move the go ahead at the annual general assembly meeting in March.
Dr Bernd van Linder, chief executive officer of Commercial Bank of Dubai, said the FOL will enhance liquidity in the shares and help accommodate interest from global investors.
"The bank has received substantial interest from foreign investors which was the main driver for us setting the FOL at the level announced today. It will allow us to broaden our investor base as well as sustain capital inflows in the UAE,” he said.
“CBD has been supporting the UAE economy over the past five decades and with this announcement, we are confident that we will continue supporting the UAE’s vision and goals to be one of the most attractive economies for foreign investment.”
The FOL increase is effective from June 14.