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Dubai’s ENBD plans no further Network Intl sell-down
Emirates NBD, Dubai's largest bank, does not plan to further sell down its stake in Network International, the chairman of the payment processing firm said on Tuesday.
November 16, 2011 1:07 by Reuters
“Emirates NBD continues to be a part of Network International and has no plans to divest any further shares,” Abdulla Qassem, chairman of Network International, said at a press conference for the launch of Tanfeeth.
Qassem is also chairman of Tanfeeth, a business process outsourcing firm fully owned by Emirates NBD, and will continue to hold the same position in both firms for the time being, he said.
Emirates NBD will make cost savings of around 20-25 percent in the next four to five years by outsourcing its back office operations to Tanfeeth, in a move worth “hundreds of millions of dirhams,” Qassem said.
Tanfeeth, which wants to attract outsourcing business from other financial institutions and corporates with financial operations in the Middle East, North Africa and parts of Asia, hopes to be profitable in the next three to five years, he added. ($1 = 3.673 UAE Dirhams) (Reporting by David French; Editing by Amran Abocar)