Emirates NBD Bank, a leading bank in the region, has announced its intention to increase foreign ownership limit (FOL) to 40 per cent in the future, and will seek necessary approvals from its shareholders and the relevant regulatory authorities, in due course.

Emirates NBD also announced the implementation of an immediate increase in its FOL from 5 per cent to 20 per cent after having obtained the necessary regulatory approvals and the agreement of the Emirates NBD shareholders and board of directors.

Sheikh Ahmed Bin Saeed Al Maktoum, chairman of Emirates NBD said: “Emirates NBD is pleased to announce an immediate increase in its foreign ownership limit from 5 per cent to 20 per cent.”

“The bank is also pleased to announce its intention to increase foreign ownership limit to 40 per cent in the future and will seek the necessary regulatory approvals and the agreement of the Emirates NBD Shareholders and Board of Directors.

“In line with our position as a strategic partner to the UAE government, we are confident that today’s announcement will contribute to support the vision and goals of the country’s leadership and developing the UAE as a pivotal hub in the global economy,” he added.

“The announcement will strengthen the UAE’s proposition as one of the most attractive economies for foreign direct investment and contribute to increased liquidity and depth in the UAE’s capital markets. Further, the announcement is aimed at diversifying the bank’s investor base as Emirates NBD continues to deliver value to its shareholders,” Al Maktoum concluded.

As at June 30, 2019, ENBD’s total assets were Dh537.8 billion ($146 billion). The Group has a significant retail banking franchise in the UAE and is a key participant in the global digital banking industry, with over 90 per cent of all financial transactions and requests conducted outside of its branches.

The bank was declared the Most Innovative Financial Services Organization of the Year at the 2017 BAI Global Innovation Awards.

The bank currently has 233 branches and 1081 ATMs and SDMs in the UAE and overseas and a large social media following, being the only bank in the Middle East ranked among the top 20 in the ‘Power 100 Social Media Rankings’, compiled by The Financial Brand.

It is a major player in the UAE corporate and retail banking arena and has strong Islamic banking, global markets & treasury, investment banking, private banking, asset management and brokerage operations. – TradeArabia News Service