Fitch Ratings has reaffirmed both the A Senior Unsecured and the A- subordinated debt ratings it assigned to the one billion dollar Euro Medium Term Note program launched by Emirates Bank International in June 2002.
The second tranche, of $500 million floating-rate notes due January 2009, to be launched under this program on January 28 has been assigned an A rating.
Emirates Bank International (EBI), 77 percent owned by the Government of Dubai, was established in 1986 from the government-arranged merger of three troubled banks: Union Bank of the Middle East, Dubai Bank and Emirates National Bank. The franchise was extended in 1991 with the state-sponsored acquisition of the retail bank, Middle East Bank.
EBI offers a comprehensive range of financial services, including commercial, consumer and public sector finance, investment banking, insurance, credit cards and property management. It operates through 35 branches in the Emirates, one branch in London and representative offices in India and Iran. — (menareport.com)
© 2004 Mena Report (www.menareport.com )