Emaar and Dubai Holding, which owned 70 percent and 30 percent stakes in the bank respectively, gave up their ownership in exchange for debt exemption, the newspaper said. Dubai Bank was rescued by Dubai’s government in May after loan losses increased. It was subsequently taken over by Emirates NBD PJSC, the United Arab Emirates biggest lender by assets.
Monday, 24 October 2011
Dubai Paid 1 Dirham for Dubai Bank Stakes, Alrroya Says - Bloomberg
Dubai’s government paid a nominal price of 1 U.A.E. dirham for Emaar Properties PJSC (EMAAR)’s and Dubai Holding’s stakes in indebted Dubai Bank PJSC, Alrroya reported today, citing unidentified people.
Emaar and Dubai Holding, which owned 70 percent and 30 percent stakes in the bank respectively, gave up their ownership in exchange for debt exemption, the newspaper said. Dubai Bank was rescued by Dubai’s government in May after loan losses increased. It was subsequently taken over by Emirates NBD PJSC, the United Arab Emirates biggest lender by assets.
Emaar and Dubai Holding, which owned 70 percent and 30 percent stakes in the bank respectively, gave up their ownership in exchange for debt exemption, the newspaper said. Dubai Bank was rescued by Dubai’s government in May after loan losses increased. It was subsequently taken over by Emirates NBD PJSC, the United Arab Emirates biggest lender by assets.
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