EEMEA round up: Dubai banks merge
Negotiators in the planned merger of National Bank of Dubai and Emirates Bank International came to an agreement last month. The $11.3 billion deal between the banks will pave the way for the creation of the biggest bank by assets in the Gulf, and, it was speculated, result in a boom in M&A activity among UAE banks. With the Dubai government holding a 14% stake in NBD and 77% of EMI, the involvement in the deal of Dubai’s ruler Sheikh Mohammed bin Rashid Al-Maktoum was said to be a key element of the negotiations. The new bank, to be named Emirates NBD, will employ as chairman Ahmed Al-Tayer, formerly chairman of EMI, and Abdullah Saleh, formerly of NBD, as vice-chairman.