Business Services Industry
Emirates Bank International, National Bank of Dubai outlook to positive on merger announcement.
Middle East and North Africa Business Report, March, 2007
Mar. 7--Standard & Poor's Ratings Services said today it revised its outlook on Dubai-based banks Emirates Bank International PJSC (EBI) and National Bank of Dubai (NBD) to positive from stable, following the announcement of their planned merger. At the same time, Standard & Poor's affirmed its 'A/A-1' ratings on both banks. The merger plans were approved by Dubai's ruler, Sheikh Mohamed Bin Rashid Al Maktoum, on March 6, 2007. The government of Dubai is EBI's majority shareholder and also one of the largest single owners of NBD. If confirmed, the merger is expected to create one of the largest financial services institutions in the Middle East and a systemically important bank in Dubai. The merged entity will display strong financial performance, robust...
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