Banking & Finance Emirates NBD buys outstanding shares to delist EIB By Pramod Kumar February 25, 2025, 10:57 AM WAM Emirates NBD intends to maintain EIB’s commercial registration and trade name Emirates NBD, Dubai’s largest bank by assets, will delist Emirates Islamic Bank (EIB) from the Dubai Financial Market (DFM) after acquiring 100 percent of the sharia-complaint lender, according to a statement. Emirates NBD has made a mandatory cash offer to buy the remaining 0.11 percent stake (free float) in EIB for AED11.95 ($3.25) per share or AED70 million ($19m), the statement said. EIB will, therefore, become 100 percent owned by Emirates NBD, which previously held 99.89 percent of EIB’s more than 5.4 billion ordinary shares. The offer, subject to the fulfilment of certain conditions, will close on March 27. Emirates NBD intends to maintain EIB’s commercial registration and trade name, the lender said in a statement to the DFM on Tuesday. EIB will continue to operate normally with cessation of any operations ruled out. No foreigners are allowed to hold shares in EIB, according to the DFM website. EIB shares closed at AED11.95 on Monday. The market cap stood at AED69 billion as of February 24, 2025.
