Emirates Industrial’s Investors to Sell Stake

ABU DHABI - Emirates Industrial Bank, or EIB, which is merging with Abu Dhabi-based Real Estate Bank, said on Monday its private shareholders agreed to sell their 49 per cent stake to the UAE government.

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By (Reuters)

Published: Wed 1 Jul 2009, 1:28 AM

Last updated: Sun 5 Apr 2015, 9:42 PM

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.

(Reuters)

Published: Wed 1 Jul 2009, 1:28 AM

Last updated: Sun 5 Apr 2015, 9:42 PM

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