New funds put bank on target

Emirates NBD is close to securing a Dh3.5 billion ($US953 million) government cash injection that will allow the UAE’s largest lender to meet new capital adequacy targets set by the Central Bank late last year.

Most of the cash is expected to come from the Government of Dubai, which owns 56.6 per cent of Emirates NBD through the Investment Corporation of Dubai (ICD), its investment arm.

The bank declined to comment on the funds but analysts expect an announcement to be made today. ICD could not be reached for comment.