Emirates NBD takes over Dubai Bank
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE in his capacity as the Ruler of Dubai has given orders that Emirates NBD takes over Dubai Bank, according to the official news agency WAM.
The net profit of Emirates NBD dropped by 41% y/y to AED 852mn in Q2 this year 'due to the prudent credit impairment allowances taken by the bank during the year, the bank's CEO Rick Pudner, said.