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US lender Bank of America Corp (BofA) has bought 1.51 per cent stake in Dubai’s largest bank Emirates NBD, for approximately 900 million dirhams, according to reports.
Emirates NBD sources confirmed the transaction but said the acquisition of 100 million shares worth about 900 million dirhams is likely done through market transactions, local daily Gulf News reported on Tuesday.
“These types of transactions are done by banks mostly for their high networth clients or institutional clients,” Gulf News reported citing a source from Emirates NBD.
Dubai-listed Emirates NBD recorded a net profit of 14.5 billion dirhams and total assets in excess of 683 billion dirhams in 2019. Also last year it completed the acquisition of Turkey-based DenizBank.
Zawya got in touch with an official Emirates NBD spokesperson who said, "it is company policy not to comment on shareholder transactions to buy or sell shares."
(Writing by Seban Scaria, editing by Anoop Menon)
#Emirates NBD #Dubai #Finance #Banking
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