Business | Banking
Emirates NBD keen on Saudi bank stake
Emirates NBD (ENBD), the Gulf's largest lender, said on Sunday that it was interested in buying Royal Bank of Scotland's (RBS) stake in Saudi Hollandi Bank (SHB) to tap retail business in the world's largest oil exporter.
- Staff Report
- Published: 09:38 May 26, 2008
Dubai: Emirates NBD (ENBD), the Gulf's largest lender, said on Sunday that it was interested in buying Royal Bank of Scotland's (RBS) stake in Saudi Hollandi Bank (SHB) to tap retail business in the world's largest oil exporter.
"We are interested in the stake," Dubai-based Emirates NBD Chief Executive Officer Rick Pudner told Reuters on Sunday. "It's obviously an interesting possibility to expand in the kingdom."
A senior official from Emirates NBD told Gulf News that although the bank is interested in such a stake, the RBS consortium has not yet started any bidding process.
RBS owns 40 per cent of Saudi Hollandi, a stake worth about $1.72 billion (868 million pounds). Pudner said there were no talks taking place.
"In terms of retail franchise, it's an exciting market because of the wealth and the number of people," Pudner said.
London-based Middle East Economic Digest (MEED) said on Friday the United Arab Emirates lender was interested in buying the stake in Saudi Hollandi to expand in the largest Arab economy.
With inputs from Reuters
Share this article
Popular in Business
-
General
Precious jump
Gold prices at new high as India's central bank buys $6.7b worth of gold
Business Editor's choice
-
UAE companies in full force at WTM
Seventy-eight participants are from Dubai and 50 from Abu Dhabi
-
DIFC committed to high standards
Ensures an efficient process to serve the business community
-
Sweet life in the Middle East
A sweet look at the confectionary industry in the UAE and Middle East
