Emirates NBD receives approval to double foreign ownership limit - Arabianbusiness

Emirates NBD receives approval to double foreign ownership limit - Arabianbusiness:

Emirates NBD has received approvals to double its foreign ownership limit (FOL) from 20 percent to 40 percent.

In a note to the Dubai Financial Market (DFM) the emirate’s biggest bank revealed that “all necessary regulatory and internal approvals” to increase its FOL had been received.

“The bank has contacted Dubai Central Securities Depository to start the necessary procedures to activate the above mentioned increase in the Foreign Ownership Limit,” the statement said.

In September last year Emirates NBD raised the cap on foreign ownership from five percent to 20 percent.