Thursday 26 March 2009

Emirates NBD open to government help

Chairman of Emirates NBD Ahmad Humaid Al Tayer on Wednesday admitted that accessing funding from the Dubai government or the federal government was an option to raise its capital base.

"All these banks worldwide are getting support from their governments. so if we get support from our government then that is normal," Al Tayer said. He said that any conditions for support had not yet been discussed.

The UAE Central Bank requires all banks to have a minimum capital adequacy ratio of 11 per cent by June 30, 2009, and of 12 per cent by June 30, 2010.

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