Emirates NBD explained

Emirates NBD Bank PJSC
Type:Public
Key People:Ahmed bin Saeed Al Maktoum
(Chairman)
Isin:AEE000801010
Industry:Banking
Financial services
Insurance
Revenue:[1]
Num Employees: 14,000 (2020)[2]
Parent:Investment Corporation of Dubai
Location:Deira, Dubai, United Arab Emirates

Emirates NBD Bank PJSC is Dubai's government-owned bank and is one of the largest banking groups in the Middle East in terms of assets.

History and profile

Emirates NBD was initially formed as the National Bank of Dubai (NBD) on 19 June 1963 by then Dubai's ruler Sheikh Rashid bin Saeed Al Maktoum, forming the first national bank established in Dubai. NBD merged with Emirates Bank International (EBI) on 6 March 2007 to form Emirates NBD. On 16 October 2007, the shares of Emirates NBD were officially listed on the Dubai Financial Market (DFM).

On 1 December 2012 Dubai Bank was acquired by Emirates NBD.[3] [4] [5]

As of 31 December 2020, total assets were billion, deposits of AED 464 billion, a total income of AED 23.21 billion, and a net profit of AED 7 billion, making it one of the top financial institutions of the UAE, with a brand value of billion.[6] [7] The Group has operations in the UAE, Egypt, India, Saudi Arabia, Singapore, the United Kingdom, and representative offices in China and Indonesia.

On October 7, 2022, Emirates NBD Bank PJSC sold 86,316,964 ordinary shares of BankIslami Pakistan Limited to JS Bank Limited.[8]

Currently, more than 9,000 people, representing 70 nationalities, are employed by Emirates NBD, making it one of the largest employers in the UAE.

Expansion to India

Emirates NBD has announced its plans for further expansion in India, following approval from the Reserve Bank of India (RBI) to open two additional branches in Gurugram and Chennai to cater to the northern and southern markets of India.[9]

It has been widely reported that the bank is in the race with Sumitomo Mitsui Banking Corporation to acquire a majority stake in Yes Bank.[10] [11] [12] [13] [14] [15]

See also

External links

Notes and References

  1. Web site: Interactive Analysis . 2023-02-11 . tools.eurolandir.com.
  2. Web site: Emirates NBD Announces Full Year 2020 Results. mediaoffice.ae.
  3. Web site: 2012-11-30 . Dubai Bank PJSC: Private Company Information – Businessweek . 2016-04-22 . Bloomberg L.P..
  4. Web site: Hunter . Gregor Stuart . 2011-10-11 . Emirates NBD to takeover Dubai Bank . 2022-11-17 . The National . en.
  5. Web site: Dubai’s Emirates NBD seals biggest acquisition with the purchase of Turkish lender Denizbank . 2022-11-17 . Arab News . en.
  6. Web site: Emirates NBD reports Dh7 billion net profits in 2020. gulfnews.com.
  7. Web site: Digital . Aun . 2024-02-05 . 15 Best Instant Loan Apps in UAE for Hassle-Free Loans . 2024-02-18 . Digital Marketing News and Insights Blog – Aun Digital . en-US.
  8. Web site: Report . Recorder . 2022-10-07 . JS Bank allowed to acquire 86.32m ordinary shares . 2022-11-20 . Brecorder . en.
  9. Web site: Emirates NBD mulls plans for expansion in India.
  10. https://www.business-standard.com/companies/news/sbi-aims-to-sell-its-yes-bank-stake-worth-2-2-billion-by-march-end-124081300868_1.html
  11. https://www.banking-gateway.com/news/sbi-plans-to-divest-2-2bn-worth-of-shares-in-yes-bank-by-end-march-2025/
  12. https://www.businesstoday.in/latest/corporate/story/sbi-to-sell-its-stake-in-yes-bank-worth-rs-18420-cr-by-end-of-fy25-report-441403-2024-08-13
  13. https://www.moneycontrol.com/news/business/race-for-yes-bank-bids-likely-by-month-end-emirates-nbd-may-also-join-the-fray-12690941.html
  14. https://www.hindustantimes.com/business/sbi-aims-to-sell-yes-bank-stake-worth-2-2-billion-by-end-march-report-101723542971482.html
  15. https://m.economictimes.com/industry/banking/finance/banking/mizuho-plans-to-say-no-to-yes-bank-deal-its-smbc-vs-emirates-ndb/articleshow/112327777.cms