Emirates NBD to sell controlling interest in Dubai Bank to Abu Dhabi-based Eradah Capital

SourceArabian Business
SectorEconomy
CountryUAE

Statement to Dubai Financial Market said transfer is expected to complete this year Emirates NBD is to sell a major stake in Dubai Bank to Abu Dhabi-based private limited company Eradah Capital. A statement to the Dubai Financial Market (DFM) said: “Emirates NBD Bank (PJSC) confirms that it has entered into an agreement to sell a controlling interest in Dubai Bank (PJSC) to Eradah Capital (LLC).” The statement added that the transfer is expected to complete this year and is subject to regulatory approval by the Central Bank of the UAE. Sustainability-linked loans tie deal spreads to borrowers' performance in environmental, social and governance goals that can be measured by key performance indicators or external ESG ratings Emirates NBD acquired Dubai Bank just under 10 years ago. Emirates NBD PJSC, Dubai’s biggest lender, is raising around $1.75 billion in the Gulf region’s first sustainability-linked loan to refinance existing debt, according to people with knowledge of the plans. Liquidity among banks in the six-nation Gulf Cooperation...read more...