North Carolina-based Bank of America Corp. (BofA) has acquired about 1.51 per cent of Dubai largest bank Emirates NBD for an investment of AED900 million, Arabian Business reports citing an anonymous source.
The operation takes as the UAE banking sector is struggling to cope with the impact of a plunge in oil prices and the Covid-19 pandemic.
Emirates posted a drop it Q1 profit by 24% to AED2.08 billion. The bank last year achieved a record net profit of AED14.5 billion and total assets in excess of AED 683 billion in 2019.
As one the leading Middle East and North African region banks, Emirates in presence in 13 countries. It acquired last year for 15.48 billion lira ($2.8 billion) Turkey’s fifth largest private bank, DenizBank.