• Home
• /
• Corporate
• /
• Business

Bank of America buys 1.51% stake in Emirates NBD

Dubai - This deal is being seen as a positive sign that foreign investors are looking at Dubai companies as good investment opportunities.

Bank of America Merrill Lynch has acquired a 1.51 per cent stake in Dubai's largest bank, Emirates NBD, for Dh900 million, sources said.

The bank acquired around 100 million shares through market deals, the sources added.

"It is difficult to say whether it was acquired by the American bank for itself or a client. But the high probability is that such deals are generally conducted on behalf of the clients, especially high net worth individuals," said the sources.

An Emirates NBD spokesperson said: "It is company policy not to comment on shareholder transactions to buy or sell shares."

However, this deal is being seen as a positive sign that foreign investors are looking at Dubai companies as good investment opportunities in these tough times.

The US bank also declined to comment on the report.

Generally, the foreign banks, including Bank of America Merrill Lynch, conduct transactions on behalf of their clients. Therefore, such deals are not be taken as a strategic move by the banks.

waheedabbas@khaleejtimes.com