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Bank of America acquires stake in Dubai’s Emirates NBD

Bank of America acquires stake in Dubai’s Emirates NBD

The acquisition of a 100 million shares is worth around Dhs900m

North Carolina-headquartered investment bank, Bank of America Corp. has bought 1.51 per cent stake in Dubai’s Emirates NBD.

The acquisition of 100 million shares worth Dhs900m is most likely to be executed through market transactions, local media reported.

“These types of transactions are done by banks mostly for their high networth clients or institutional clients,” said a source from Emirates NBD.

Emirates NBD posted a 24 per cent year-on-year decrease in its first quarter net profit, which amounted to Dhs2.1bn, down from Dhs2.74bn in Q1 last year.

Read: Dubai’s Emirates NBD posts 24% fall in net profit for Q1 2020

Meanwhile, its 2019 net profits rose 44 per cent year-on-year, equalling Dhs14.5bn in 2019.

In 2019, Emirates NBD purchased Turkey’s Denizbank from Russia’s Sberbank for $2.8bn.

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