Bank of America takes stake in #Dubai's Emirates NBD - Arabianbusiness

Bank of America takes stake in Dubai's Emirates NBD - Arabianbusiness:

Global lending giant Bank of America Corp. (BofA) has bought a stake in Dubai’s largest bank Emirates NBD for approximately AED900 million, sources familiar with the matter told Arabian Business.

The North Carolina-based bank is believed to have bought 100 million shares – about 1.51% - of Emirates NBD.

The DFM-listed bank achieved a record net profit of AED14.5 billion and total assets in excess of AED 683 billion in 2019. In the same year it completed its acquisition of Turkey-based DenizBank, which increased its presence to 13 countries and its customer base to over 14 million in the MENAT region.

Both banks have adopted artificial intelligence and virtual assistants, with Emirates NBD’s Eva being the first of its kind in the MENA region, and BofA’s Erica surging to record popularity with consumers during the pandemic.