Dubai:
In a bid to expand Dubai's position as West Asia's financial
hub, two Dubai-based banks are merging to create one of
the largest banks ion the region with assets of Dh 165
billion.
The
banks are Emirates Bank International (EBI) and National
Bank of Dubai (NBD).
Ahmad
Humaid al Tayer, chairman of EBI, said the objective of
the merger was to create a strong entity that would play
a major role in the banking industry.
He
disclosed that the merger had been under discussion for
some time and the move had come very late for the Arab
region and the UAE as he the seven-state emirate had not
seen major mergers like this.
EBI
has a strong branding and a large retail presence while
NBD has an edge in the corporate banking. The move is
also a clear sign of Dubai's intention to extend its reach
as the region's financial hub.
The
new bank will be the one of the largest financial institutions
in the Middle East and North Africa.
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