HONOR Magic V3 unveiled amidst thought-provoking conversations with industry innovators
EIB is already 51 per cent owned by the UAE Ministry of Finance and 49 per cent by other investors including Abu Dhabi Commercial Bank, National Bank of Abu Dhabi and Mashreq, according to its Web site.
“ The representatives of the private sector in the capital of the bank agreed unanimously to sell their stakes to the federal government,” said a statement from EBI.
The UAE cabinet approved last week the merger of EIB and Real Estate Bank to create the Emirates Development Bank with a capital of Dh10 billion.
The UAE government will initially invest Dh5 billion into the newly created bank.
“The government aims to develop and support various sectors in the country through the establishment of this bank,” the state news agency WAM said after the cabinet move, without giving further details.
The UAE government said in November it would merge troubled Islamic mortgage lenders Tamweel and Amlak Finance under the Emirates Development Bank.
HONOR Magic V3 unveiled amidst thought-provoking conversations with industry innovators
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