Emirates NBD to take over troubled Dubai Bank
ENBD may have taken over bank for nil, says analyst. The Dubai Government rescued and took control of Dubai Bank in May; Sheikh Ahmed was named ENBD chairman in June
October 11, 2011 10:18 by Reuters
“In the shorter term, ENBD may come under some selling pressure until investors have a clearer picture about the consequences of this decision,” Yasin said.
A week ago, Sheikh Ahmed said that local banks in Dubai have sufficient liquidity to weather a global downturn.
Dubai already also has stakes in six commercial banks in the UAE, including Emirates NBD. ($1=3.673 UAE Dirhams) (Writing by Dinesh Nair; Editing by Will Waterman and Mike Nesbit)
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