Emirates NBD, Dubai's largest lender, is seeking approval from three government bodies to merge its two Islamic banking units, sources told Reuters on Monday.
The bank is aiming to combine its Emirates Islamic Bank arm with Dubai Bank, the debt-laden lender acquired in October at the behest of the Dubai government. The rationalisation has been expected by the market since the takeover was announced.
"Emirates NBD is now fine-tuning the legal paperwork ahead of the merger of the two banks," one source with knowledge of the matter said, speaking on condition of anonymity.
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