Emirates NBD
{{Short description|Middle Eastern banking group}}
{{Use dmy dates|date=November 2020}}
{{Infobox company
| name = Emirates NBD Bank PJSC
| logo = Emirates NBD.svg
| logo_size = 250px
| type = Public
| key_people = Ahmed bin Saeed Al Maktoum
(Chairman)
| ISIN = AEE000801010
| industry = Banking
Financial services
Insurance
| products = {{Bulleted_list|Investment banking|Commercial banking|Retail banking|Private banking|Mortgages|Credit cards}}
| revenue = {{Unbulleted list|{{Increase}} AED {{FXConvert|ARE|32507483000}} (2022)|AED {{FXConvert|ARE|23821650000}} (2021)}}{{Cite web |title=Interactive Analysis |url=https://tools.eurolandir.com/tools/ia/?companycode=ae-enbd&v=ad&lang=en-GB |access-date=2023-02-11 |website=tools.eurolandir.com}}
| assets = {{Unbulleted list|{{Increase}} AED {{FXConvert|ARE|741961553000}} (2022)|AED {{FXConvert|ARE|687436618000}} (2021)}}
| num_employees = {{Increase}} 14,000 (2020){{Cite web|url=https://mediaoffice.ae/en/news/2021/Jan/27-01/Emirates-NBD-Announces-Full-Year-2020-Results|title=Emirates NBD Announces Full Year 2020 Results|website=mediaoffice.ae}}
| homepage = {{URL|http://www.emiratesnbd.com}}
| foundation = {{Start date and age|1963|06|19|df=yes}}
| parent = Investment Corporation of Dubai
| location = Deira, Dubai, United Arab Emirates
}}
Emirates NBD Bank PJSC is Dubai's government-owned bank and is one of the largest banking groups in the Middle East in terms of assets.
History and profile
File:National Bank of Dubai - panoramio.jpg
Emirates NBD was initially formed as the National Bank of Dubai (NBD) on 19 June 1963 by then Dubai's ruler Sheikh Rashid bin Saeed Al Maktoum, forming the first national bank established in Dubai. NBD merged with Emirates Bank International (EBI) on 6 March 2007 to form Emirates NBD. On 16 October 2007, the shares of Emirates NBD were officially listed on the Dubai Financial Market (DFM).
On 1 December 2012 Dubai Bank was acquired by Emirates NBD.{{cite web |date=2012-11-30 |title=Dubai Bank PJSC: Private Company Information – Businessweek |url=https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=21823205 |accessdate=2016-04-22 |publisher=Bloomberg L.P.}}{{Cite web |last=Hunter |first=Gregor Stuart |date=2011-10-11 |title=Emirates NBD to takeover Dubai Bank |url=https://www.thenationalnews.com/business/emirates-nbd-to-takeover-dubai-bank-1.479803 |access-date=2022-11-17 |website=The National |language=en}}{{Cite web |title=Dubai's Emirates NBD seals biggest acquisition with the purchase of Turkish lender Denizbank |url=https://www.arabnews.com/node/1307376/amp |access-date=2022-11-17 |website=Arab News |language=en}}
As of 31 December 2020, total assets were {{currency|698|AED}} billion, deposits of AED 464 billion, a total income of AED 23.21 billion, and a net profit of AED 7 billion, making it one of the top financial institutions of the UAE, with a brand value of {{currency|3.89}} billion.{{Cite web|url=https://gulfnews.com/business/banking/emirates-nbd-reports-dh7-billion-net-profits-in-2020-1.1611722115150|title=Emirates NBD reports Dh7 billion net profits in 2020|website=gulfnews.com|date=27 January 2021 }} The Group has operations in the UAE, Egypt, India, Saudi Arabia, Singapore, the United Kingdom, and representative offices in China and Indonesia.{{Citation needed|date=January 2025}}
On October 7, 2022, Emirates NBD Bank PJSC sold 86,316,964 ordinary shares of BankIslami Pakistan Limited to JS Bank Limited.{{Cite web |last=Report |first=Recorder |date=2022-10-07 |title=JS Bank allowed to acquire 86.32m ordinary shares |url=https://www.brecorder.com/news/40201810 |access-date=2022-11-20 |website=Brecorder |language=en}}
Currently, more than 9,000 people, representing 70 nationalities, are employed by Emirates NBD, making it one of the largest employers in the UAE.
Emirates NBD has announced its plans for further expansion in India, following approval from the Reserve Bank of India (RBI) to open two additional branches in Gurugram and Chennai to cater to the northern and southern markets of India.{{Cite web|url=https://www.connectedtoindia.com/emirates-nbd-mulls-plans-for-expansion-in-india-9490.html|title=Emirates NBD mulls plans for expansion in India|website=www.connectedtoindia.com}}
It has been widely reported that the bank is in the race with Sumitomo Mitsui Banking Corporation to acquire a majority stake in Yes Bank.https://www.business-standard.com/companies/news/sbi-aims-to-sell-its-yes-bank-stake-worth-2-2-billion-by-march-end-124081300868_1.html {{Bare URL inline|date=August 2024}}{{cite web | url=https://www.banking-gateway.com/news/sbi-plans-to-divest-2-2bn-worth-of-shares-in-yes-bank-by-end-march-2025/ | title=SBI plans to divest $2.2bn worth of shares in Yes Bank by end-March 2025 | date=14 August 2024 }}{{cite web | url=https://www.businesstoday.in/latest/corporate/story/sbi-to-sell-its-stake-in-yes-bank-worth-rs-18420-cr-by-end-of-fy25-report-441403-2024-08-13 | title=SBI to sell its stake in Yes Bank worth Rs 18,420 cr by end of FY25: Report | date=13 August 2024 }}https://www.moneycontrol.com/news/business/race-for-yes-bank-bids-likely-by-month-end-emirates-nbd-may-also-join-the-fray-12690941.html {{Bare URL inline|date=August 2024}}https://www.hindustantimes.com/business/sbi-aims-to-sell-yes-bank-stake-worth-2-2-billion-by-end-march-report-101723542971482.html {{Bare URL inline|date=August 2024}}{{cite news | url=https://m.economictimes.com/industry/banking/finance/banking/mizuho-plans-to-say-no-to-yes-bank-deal-its-smbc-vs-emirates-ndb/articleshow/112327777.cms | title=Mizuho plans to say no to Yes Bank deal; it's SMBC vs Emirates NDB | newspaper=The Economic Times | date=8 August 2024 | last1=Barman | first1=Arijit }}
See also
References
{{Reflist}}
External links
- {{official|http://www.emiratesnbd.com}}
- [http://www.emiratesislamic.ae/ Emirates Islamic]
{{DEFAULTSORT:Emirates Nbd}}
Category:Banks established in 1963
Category:Companies listed on the Dubai Financial Market
Category:Banks of the United Arab Emirates
Category:Emirati companies established in 1963