Dubai bank ENBD repays final $1.1bn of 2008 govt support

A hot air balloon bearing the logo of Emirates NBD bank hovers over the Emirates Golf Course in Dubai. (Reuters)

Emirates NBD, Dubai's largest lender, has repaid the remaining 4 billion dirhams ($1.1bn 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 $19 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 $1.089 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 $34 billion of support in 2013.

Last Update: Wednesday, 20 May 2020 KSA 09:42 - GMT 06:42