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Industry: Email Alert RSS FeedMiddle East & Africa: Birth Of A UAE Champion - Stephen Timewell In Dubai Reports On The Mould-breaking Merger Plans Of The UAE's First And Fourth Largest Banks.(Emirates Bank International Ltd. merger with National Bank of Dubai (Abu Dhabi))
Banker, The, September, 2007 by Timewell, Stephen
Byline: STEPHEN TIMEWELL
It is always hot in the Gulf in August but the release of detailed plans of the recommended mega-merger between Emirates Bank International (EBI) and National Bank of Dubai (NBD) has raised the temperature in banking circles even higher. But it is not just that the Dubai government has decided to create a national and regional champion, it is that the expected emergence of Emirates NBD, as the new bank will be called, with a combined market capitalisation of $11.3bn and the region's largest asset base, is likely to become a catalyst for more mergers in the region and a major redrawing of the banking landscape.
The realisation that UAE banks and others in the region are just too small to compete for the huge opportunities in...
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