Emirates NBD, the region’s largest bank by assets, announced today that the company has requested Fitch Ratings and Moody’s Investors Service to withdraw their ratings on Dubai Bank PJSC.
Following the completion of the takeover of Dubai Bank by Emirates NBD, all capital and medium-term funding requirements for Dubai Bank are managed under the group umbrella and accordingly credit ratings are no longer required for this entity, said the company in an e-mailed statement.
Dubai Bank has no outstanding debt rated by either Fitch or Moody’s and therefore creditors are unaffected by this decision.
Before the May 2011 takeover, Dubai Bank was 70 per cent-held by Dubai Holding, owned by the emirate’s ruler Sheik Mohammed bin Rashid Al Maktoum, while Dubai-based real-estate developer Emaar Properties held a 30 per cent-stake.
The emirate’s ruler ordered the takeover with aim of consolidating the country’s banking sector.