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Mon 9 Apr 2007 02:28 PM

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Goldman Sachs to advise on Dubai banks merger

Firm wins contract to advise on the $45bn merger of Emirates Bank International and National Bank of Dubai.

Goldman Sachs has won a contract to advise Emirates Bank International (EBI) and National Bank of Dubai (NBD) on merging, the lenders said in a statement on Monday.

In a move that will create the UAE's largest lender, National Bank of Dubai (NBD) and Emirates Bank International

are to merge later this year


The move, which was approved with the blessing of HH Sheikh Mohammed bin Rashid Al Maktoum, vice president and prime minister of the UAE and ruler of Dubai, will create a lender with US$45 bn in assets.

The UAE government owns 14% of NBD and around 77% of Emirates Bank, Dubai's largest bank.

As previously reported, Emirates Bank has appointed KPMG to carry out due diligence, while NBD has appointed Ernst & Young.

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