No layoffs envisaged from NBD merger

Dubai: National Bank of Dubai will not lay off employees following the merger with Emirates Bank International, a top official said, assuring employees that there is a shortage of bankers.

"The National Bank of Dubai (NBD) - Emirates Bank International (EBI) merger will not result in staff layoffs," Abdullah Mohammad Saleh, chairman of NBD, said following the bank's annual general meeting (AGM) that approved its annual results.

"We are doing everything possible on both sides to make sure that there are no lay-offs. There is already a shortage of skilled national and expatriate banking professionals."

He added the merger steering committee has already met to set the wheels in motion.

"All the mechanisms are in place and necessary actions are being taken for the merger. We are at a very early stage of the process," he said.

The AGM approved the board's recommendation for a cash dividend of 40 per cent and a script dividend of 20 per cent, equivalent to Dh0.60 per share.

Saleh said the strategic development plan will continue and the bank plans to open offices in Saudi Arabia and Singapore and will also strengthen its London office.