Dubai: Dubai Government has taken control of Dubai Bank in a move that it says will protect depositor interests.
The Government announced today that His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, had ordered the move, which will dilute the complete holding of the Dubai Bank's current shareholders, and allow the 100 per cent takeover of the bank.
Before the acquisition Dubai Bank was jointly owned by Dubai Holding and Emaar at 70 per cent and 30 per cent respectively.
In a statement, the government said that Dubai Bank's business would continue uninterrupted while options, including a potential merger, were assessed. It added that the management team at Dubai Bank would not be affected by the takeover.
