Emirates NBD announces intention to raise foreign ownership limit

The bank's chairman said the move would increase increase the liquidity and depth of the UAE's capital markets. (File photo: Reuters)

On Monday Emirates NBD announced that it would seek to increase its foreign ownership limit to 40 percent in the future, and would seek approvals from its shareholders and regulatory authorities.

“Emirates NBD is pleased to announce an immediate increase in its foreign ownership limit from five percent to 20 percent,” said Sheikh Ahmed bin Saeed al-Maktoum, chairman of Emirates NBD in a statement. “The bank is also pleased to announce its intention to increase foreign ownership limit to 40 percent in the future.”

He added that the announcement would help increase the “liquidity and depth in the UAE’s capital market,” in addition to diversifying the bank’s investor base.

Emirates NBD is the largest bank in Dubai and the second largest in the UAE.

Last Update: Wednesday, 20 May 2020 KSA 14:05 - GMT 11:05