Emirates NBD announces intention to increase Foreign Ownership Limit to 40%

Emirates NBD Bank, Emirates NBD, today announced its intention to increase Foreign Ownership Limit, FOL, to 40 percent 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 percent to 20 percent after having obtained the necessary regulatory approvals and the agreement of the Emirates NBD Shareholders and Board of Directors.

H.H. Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Emirates NBD, said, "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."

Follow Emirates 24|7 on Google News.