Emirates NBD Bank clarifies: No acquisition of shares by US-based bank | ZAWYA MENA Edition

Emirates NBD Bank clarifies: No acquisition of shares by US-based bank | ZAWYA MENA Edition:

Emirates NBD Bank has said that 101,731,408 shares were purchased by 254 unique investors on 28th May 2020, following a press clipping indicating that the US-based Bank of America, BofA, had acquired a 1.5 percent stake in Emirates NBD.

In a statement published on the Dubai Financial Market website, the Dubai-based bank explained, "The largest purchase by one single investor was 10,116,892 shares on this date (28th May 2020)." It went on to note that, "This increase in purchase volume coincides with Emirates NBD’s inclusion in the ‘MSCI Emerging Markets Standard Index’ and Emirates NBD Bank confirms that a large number of these purchases were made by Emerging Markets Index Tracking Funds.

Emirates NBD issued the statement in response to a recent news report speculating that BofA had bought 100 million shares - 1.5 percent stake of Emirates NBD Bank PJSC - worth about AED900 million.