Emirates NBD to sell controlling stake in Dubai Bank

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Eradah Capital to conclude acquisition during 2021

DUBAI/April 07-2021: After being under the control of Dubai Government one way or other right from the inception in 2002, the ownership control of Dubai Bank is set to land with Eradah Capital headquartered in Emaar Square.

The present owner of Dubai Bank, Emirates NBD, the largest bank in Dubai, said it has decided to sell a controlling stake in the Islamic lender to Eradah Capital.

However, the details of Eradah Capital, including the background of the promoters behind the company, are not available with businessbenchmark.news.

In a regulatory filing to Dubai Financial Market (DFM) on Wednesday (April 07), ENBD said it has entered into an agreement to sell the stake (in Dubai Bank), and the transfer of the same is expected to be completed during 2021 itself, subject to regulatory approval by the Central Bank of the UAE (CBUAE).

It was in 2012, Emirates NBD took over the then struggling Dubai Bank, wholly owned then by Dubai Banking Group, which itself was 70 per cent-owned by Dubai Holding.

The remaining 30 per cent of Dubai Bank was owned by the property major, Emaar Properties. Dubai Bank was launched with much fanfare about two decades ago with Ahmed Bin Brek, the veteran banker, as its founding chief executive and a team whose members handpicked by him.

 

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