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Article: MoF Buys Out Emirates Industrial Bank.
- Article from:
- Khaleej Times (Dubai, United Arab Emirates)
- Article date:
- October 28, 2009
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Summary: DUBAI u The UAEAEs Ministry of Finance on Monday completed the acquisition of the Emirates Industrial Bank by buying the remaining 49 per cent of the company that it didnAEt already own from 13 UAE-based entities.
The buyout is a crucial step in the formation of the planned Emirates Development Bank, or EDB, which is envisioned as a catalyst for the countryAEs industrial development, the Ministry of Finance said in an e-mailed statement.
The Ministry previously held a 51 per cent stake in Abu Dhabi-based Emirates Industrial Bank, or EIB. It planned to merge the bank with the Real Estate Bank, also headquartered in the capital, to create Emirates ...