DUBAI: Dubai's government will hand over control of Dubai Bank to Emirates NBD Bank, a government statement said on Tuesday, four months after the government stepped in to rescue the troubled Islamic lender from collapse.
Dubai's government took control of Dubai Bank in May by injecting an unspecified amount of capital into the bank and said its takeover would protect depositors' interests.
Options for Dubai Bank, which is owned by the private holding company of the ruler of Dubai, Sheikh Mohammed bin Rashid al-Maktoum, included being run on a stand-alone basis or merged with another state-owned bank, the government said at the time.
"Dubai Government is keen to take the necessary steps to empower financial institutions to fully operate in a way that serves the national economy and consolidate the country's position as a first class international financial hub," the Dubai government's media office said in a statement. No financial details of the takeover was provided in the statement.
Emirates NBD is the largest bank in the UAE by assets. Dubai's ruler named his uncle and close adviser Sheikh Ahmed bin Saeed al-Maktoum as chairman of Emirates NBD in June.
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