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No acquisition of 1.5% stake by US-based bank: Emirates NBD

Filed on June 11, 2020 | Last updated on June 11, 2020 at 02.22 pm
emirates nbd, bank of america, share acquisition


Emirates NBD issues statement in response to recent news reports speculating that BofA had bought 100 million shares in the Dubai entity.

Emirates NBD Bank has said that 101,731,408 shares were purchased by 254 unique investors on May 28, 2020, following a press clipping indicating that the US-based Bank of America had acquired a 1.5 per cent stake in Emirates NBD.

In a statement published on the Dubai Financial Market website, the Dubai-based bank explained, "The largest purchase by one single investor was 10,116,892 shares on this date (May 28, 2020)."

It went on to note that, "This increase in purchase volume coincides with Emirates NBD's inclusion in the 'MSCI Emerging Markets Standard Index' and Emirates NBD Bank confirms that a large number of these purchases were made by Emerging Markets Index Tracking Funds.

Emirates NBD issued the statement in response to a recent news report speculating that BofA had bought 100 million shares - 1.5 percent stake of Emirates NBD Bank PJSC - worth about Dh900 million.

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