Commercial Bank of Dubai allows foreign shareholding of up to 40%
It becomes the latest entity to extend trading in shares to overseas investors
Dubai: Foreign investors can take up shareholding in Commercial Bank of Dubai up to 40 per cent, effective from June 14.
"The bank has received substantial interest from foreign investors, which was the main driver for us setting the foreign ownership limit at the [new] level,” said Dr. Bernd van Linder, CEO of Commercial Bank of Dubai. “It will allow us to broaden our investor base as well as sustain capital inflows in the UAE.”
The bank has completed all regulatory formalities following the shareholders’ approval on March 11.
Emirates NBD clarifies
Meanwhile, Emirates NBD said as many as 254 "unique investors" picked up 101,73 million shares on May 28. The biggest single purchase was for 10.11 million shares.
"This increase in purchase volume coincides with Emirates NBD’s inclusion in the MSCI Emerging Markets Standard Index," the bank said in a statement. "Emirates NBD Bank confirms that a large number of these purchases were made by Emerging Markets Index Tracking Funds."