The Industrial Bank is to be merged with the Real Estate bank, creating a new development bank with Dh10 billion in capital, a top official told the Federal National Council on Tuesday.
Obaid Humaid Al Tayer, Minister of State for Financial Affairs, told the House the merger is expected to be finalised by summer, creating the Emirates Development Bank.
In effect, the government is merging the Industrial Bank with three other financial institutions to create a state-backed mega-bank aimed at reviving lending to property buyers and developers.
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