UPDATE 1-Emirates NBD raises foreign ownership limit to 20%, aims for 40% - Reuters

UPDATE 1-Emirates NBD raises foreign ownership limit to 20%, aims for 40% - Reuters:

Emirates NBD, Dubai’s largest bank, on Monday said it had raised its foreign ownership limit to 20% from 5%, pushing its stock to a 12-year high as markets opened.

The bank also announced its intention to raise its foreign ownership limit to 40% in the future after seeking approvals from its shareholders and the relevant regulatory authorities.

The move follows a similar decision by First Abu Dhabi Bank , the largest lender in the United Arab Emirates, which in July proposed removing the foreign ownership limit cap of 40% to attract more foreign capital.