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ABU DHABI ISLAMIC BANK TO ACQUIRE 52% STAKES IN NBD
Info-Prod Research (Middle East), May, 2007
According to Al-Ahram newspaper (May 2, 2007), a delegation representing the Abu Dhabi Islamic Bank has ended a visit to Cairo through which it conducted intensive meetings with the Egytian Central Bank's Governor, Farouq Abdel Baki Al Okda, for acquiring 52% stakes in the Egyptian National Bank for development (NBD).
The Abu Dhabi Islamic Bank is a public joint stock company incorporated in the United Arab Emirates under Federal Law 8 of 1984. The National Bank for development (NBD) was incorporated in June 1980 as a Commercial Bank with a capital of L.E 50 million. NBD's Authorized Capital has been raised to L.E. 500 million and the paid up capital to L.E 281.9 million. NBD participated in the economic development operations in Egypt on the private sector's level through...
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