Emirates NBD
 | |
| Company type | Public |
|---|---|
| ISIN | AEE000801010 |
| Industry | Banking Financial services Insurance |
| Founded | 19 June 1963 |
| Headquarters | Deira, Dubai, United Arab Emirates |
Key people | Ahmed bin Saeed Al Maktoum (Chairman) |
| Products | |
| Revenue | [1] |
| Total assets | [1] |
Number of employees |  14,000 (2020)[2] |
| Parent | Investment Corporation of Dubai |
| Website | www |
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
[edit]
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 DH 698 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 US$3.89 billion.[6] 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.[7]
Currently, more than 9,000 people, representing 70 nationalities, are employed by Emirates NBD, making it one of the largest employers in the UAE.
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.[8]
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.[9][10][11][12][13][14]
See also
[edit]
References
[edit]- ^ a b "Interactive Analysis". tools.eurolandir.com. Retrieved 11 February 2023.
- ^ "Emirates NBD Announces Full Year 2020 Results". mediaoffice.ae.
- ^ "Dubai Bank PJSC: Private Company Information – Businessweek". Bloomberg L.P. 30 November 2012. Retrieved 22 April 2016.
- ^ Hunter, Gregor Stuart (11 October 2011). "Emirates NBD to takeover Dubai Bank". The National. Retrieved 17 November 2022.
- ^ "Dubai's Emirates NBD seals biggest acquisition with the purchase of Turkish lender Denizbank". Arab News. Retrieved 17 November 2022.
- ^ "Emirates NBD reports Dh7 billion net profits in 2020". gulfnews.com. 27 January 2021.
- ^ Report, Recorder (7 October 2022). "JS Bank allowed to acquire 86.32m ordinary shares". Brecorder. Retrieved 20 November 2022.
- ^ "Emirates NBD mulls plans for expansion in India".
- ^ 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 [bare URL]
- ^ "SBI plans to divest $2.2bn worth of shares in Yes Bank by end-March 2025". 14 August 2024.
- ^ "SBI to sell its stake in Yes Bank worth Rs 18,420 cr by end of FY25: Report". 13 August 2024.
- ^ https://www.moneycontrol.com/news/business/race-for-yes-bank-bids-likely-by-month-end-emirates-nbd-may-also-join-the-fray-12690941.html [bare URL]
- ^ https://www.hindustantimes.com/business/sbi-aims-to-sell-yes-bank-stake-worth-2-2-billion-by-end-march-report-101723542971482.html [bare URL]
- ^ Barman, Arijit (8 August 2024). "Mizuho plans to say no to Yes Bank deal; it's SMBC vs Emirates NDB". The Economic Times.