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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