In a further step to clean up its financial sector following a real estate crash, the Dubai government has taken over Dubai Bank, an Islamic bank majority-owned by the emirate’s ruler.
The government will inject cash into the troubled bank, taking over complete ownership, while assessing whether it should carry on as a standalone entity or whether it should merge with another institution, a statement said.
Dubai Bank, which last year said it was reorganising itself to focus on premium customers and midsized companies, was previously owned 70 per cent by Dubai Holding, which is in turn owned by Sheikh Mohammed bin Rashid al-Maktoum, the ruler. Thirty per cent was held by Emaar Properties, a property developer in which the government has a roughly one-third stake.
No comments:
Post a Comment