Skip to content
Subscriber Only
Markets
Deals

Biggest Dubai Bank Courts Foreigners as It Plans Turkey Purchase

  • Emirates NBD to raise capital as it prepares bid for DenizBank
  • Lender to increase its foreign ownership limit to 20% from 5%
Updated on

Emirates NBD PJSC plans to open up for more foreign shareholders as Dubai’s biggest bank prepares a bid for Turkey’s DenizBank AS. The shares surged.

The bank is seeking shareholder approval to boost its foreign ownership limit to 20 percent from 5 percent, the Dubai government-controlled lender said Sunday in a statement. It also plans to raise capital by 7.35 billion dirhams ($2 billion) from an issue of new shares at no less than a 10 percent discount to the market price.