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Tue 16 Oct 2007 09:39 AM

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Emirates NBD begins trading

Trading of shares in a combined Emirates Bank and National Bank of Dubai starts on Dubai bourse.

Shares of Emirates NBD, created by combining Emirates Bank International (EBI) and National Bank of Dubai (NBD), start trading in Dubai on Tuesday.

Shares began trading at 10.65 dirhams. Emirates Bank shares last traded at 9.30 dirhams before they
were suspended and delisted on October 8, while NBD shares last traded at 9.40 dirhams.

Shareholders of Emirates Bank and NBD approved a Dubai government-brokered deal in September to create the Gulf's largest lender by assets to compete more effectively with regional and international rivals.

Under the deal each share of NBD was exchanged for 0.95 shares in Emirates NBD. Emirates Bank shareholders received one share in the new lender for each share they owned.

The Dubai government owns 56% of Emirates NBD.

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