Banking sources confirmed that Bank of America purchased 100 million shares in Emirates NBD, equivalent to 1.5% of the bank’s shares, with a value of about 900 million dirhams.
Sources indicated to "Emirates Today" that the Dubai Financial Market is expected to request disclosure from Emirates NBD tomorrow, despite the said investment process, which represents less than 5% of the total shares of the bank whose assets amounted to 683 billion dirhams at the end of 2019.
She explained that Bank of America made the investment in favor of an investment portfolio (a third party), adding that the process may be the result of the investor’s desire to take a strategic position in his investment portfolio and take advantage of the strong financial results achieved by the Emirates Bank and its large investments in the process of promoting digital transformation and digital banking.
Bank of America Securities chose Emirates NBD among the top ten gainers in conjunction with the Corona pandemic (Covid-19), as it ranked it in a good position to benefit from the recovery after the pandemic disappeared, given the growing digital activities in the individuals and institutions sectors.
She pointed out that the multi-billion dirham investment program implemented over several years resulted in one of the most advanced digital platforms in the Gulf Cooperation Council region, which would allow the bank to seize a share in the local market in the UAE and compete cost-effectively in other regional markets.