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Sun 20 Jul 2014 11:42 AM

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Dubai's Emirates NBD repays final $1.1bn of 2008 govt support

UAE ministry of finance injected $19bn into the country's banks to shore up balance sheets after the collapse of Lehman Brothers

Dubai's Emirates NBD repays final $1.1bn of 2008 govt support

Emirates NBD, Dubai's largest lender, has repaid the remaining AED4 billion ($1.1 billion) of support which it received from the United Arab Emirates government in 2008, the country's finance ministry said.

The UAE ministry of finance injected AED70 billion into the country's banks to shore up balance sheets after the collapse of Lehman Brothers in September 2008 triggered a crisis in the world's financial system.

"Emirates NBD informed the ministry this week that it had repaid 4 billion dirhams to the Finance Ministry which is the final payment of the government subsidies that the bank had received," the ministry's website quoted undersecretary Younis Haji Al Khoori as saying in a statement dated last week but seen on Sunday.

ENBD had repaid the rest of its total AED12.6 billion of support in 2013.

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