Dubai New Giant Bank Rolls in!

Dubai, UAE In what many analysts claimed to be a suprise move, Dubai's leading banks Emirates Bank International and National Bank of Dubai merged to form UAE's largest bank (by assets and market capitalization). The merged entity pushed National Bank of Abu Dhabi (NBAD) to the number two spot (NBAD has been in the pole position for years!).

The move (said to be initiated by Dubai ruler, Shaikh Mohammed Bin Rashid) not only catapulted the entity as the numero uno bank in the UAE, but it also put them as the largest financial institution in the GCC and MENA region with assets more than USD45bil.

EBI's Chairman, Ahmed Al Tayer will be the Chairman of the new entity while NBD's Chairman, Abdulla Saleh has been appointed as the Vice Chairman.

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