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Dubai Bank ENBD Repays Final $1.1bn Of 2008 Government Support

Dubai Bank ENBD Repays Final $1.1bn Of 2008 Government Support

The lender had repaid the rest of its total Dhs12.6 billion of support in 2013.

Emirates NBD, Dubai’s largest lender, has repaid the remaining Dhs4 billion ($1.1 billion) of support which it received from the United Arab Emirates government in 2008, the country’s finance ministry said.

The UAE ministry of finance injected Dhs70 billion into the country’s banks to shore up balance sheets after the collapse of Lehman Brothers in September 2008 triggered a crisis in the world’s financial system.

“Emirates NBD informed the ministry this week that it had repaid Dhs4 billion to the Finance Ministry which is the final payment of the government subsidies that the bank had received,” the ministry’s website quoted undersecretary Younis Haji al-Khoori as saying in a statement dated last week but seen on Sunday.

ENBD had repaid the rest of its total Dhs12.6 billion of support in 2013.

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