On 30 July 2007 Emirates NBD PJSC (“Emirates NBD”), a new company which is offering to acquire the share capital of Emirates Bank International PJSC (“EBI”) and National Bank of Dubai PJSC (“NBD”) in exchange for shares in Emirates NBD (the “Offer”), announced the publication of an offer document (the “Offer Document”) and announced that the Offer opens for acceptance on Wednesday, 1 August 2007. The Offer Document, which is being distributed to shareholders of EBI and NBD, contains full details of the terms and conditions of the Offer and the proposed merger of EBI and NBD (the “Proposed Merger”), along with instructions for EBI and NBD shareholders wishing to accept the Offer.
H.E. Ahmed Humaid Al Tayer, Chairman of EBI, said:
“The Board of Directors of EBI recognises the importance of creating a UAE champion with the scale, financial strength and service quality standards to compete effectively in the increasingly dynamic and competitive UAE and GCC markets. It believes that the Proposed Merger represents an excellent strategic fit, bringing together the first and second largest banks in the Emirate of Dubai by assets.”
