ENBD repays final $1.1bn of govt support
Dubai, July 20, 2014
Emirates NBD, Dubai's largest lender, has repaid the remaining 4 billion dirhams ($1.1 billion) 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 70 billion dirhams 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 4 billion dirhams 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 12.6 billion dirhams of support in 2013. -Reuters