The Dubai-listed bank is the largest in the UAE by assets and the third largest by assets in the GCC.

Formed by a merger between Emirates Bank International and National Bank of Dubai in 2010, Emirates NBD is 56 per cent government-owned.

The bank is on an expansion spree and aims to boost revenue from international operations to 20 per cent of the total over the next three to five years, from five per cent today, according to Emirates NBD officials.

In December, Emirates NBD announced it had agreed to buy the Egyptian business of BNP Paribas for $500 million in a first step towards diversifying beyond its Dubai base. The deal is set to go through in May 2013.