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Abu Dhabi gave EmiratesNBD liquidity boost for Dubai Bank buy
Abu Dhabi gave Dubai's largest lender, Emirates NBD, a liquidity injection to help it absorb struggling Islamic lender Dubai Bank, ENBD's chief financial officer said on Wednesday.
February 15, 2012 2:20 by Reuters
In October, Emirates NBD was ordered by Dubai’s ruler to takeover Dubai Bank which was rescued by the emirate’s government earlier in 2011.
“We received a liquidity injection from the UAE ministry of finance,” Surya Subramanian said on a conference call after the bank’s fourth quarter results. “The Dubai Bank acquisition had the support of both Dubai and Abu Dhabi governments.”
The federal finance ministry gave 2.8 billion dirhams to ENBD, at a discount to market rates, to facilitate the transaction. (Reporting by Mirna Sleiman and David French; Editing by Amran Abocar)