Dubai’s Emirates NBD denies reports of potential acquisition plans

Dubai: Emirates NBD, Dubai’s largest bank by assets, has denied media reports about potential acquisition plans. Since January 2023, there has been speculation linking Emirates NBD with several potential acquisitions in the region, including in Egypt.

The DFM-listed bank issued a filing on Friday stating that it regularly explores both organic and inorganic growth opportunities.

However, Emirates NBD confirmed that, to date, no material developments have occurred that would require the bank to make a specific announcement regarding the speculation.

“Should any material development occur, Emirates NBD will, of course, disclose it in line with its regulatory obligations,” the filing stated.

Recent media reports suggested that Emirates NBD had begun due diligence on acquiring a stake in Egypt’s sixth-largest commercial bank, Banque du Caire. The report also indicated this would be the latest sale of a government-owned asset as part of a stalled privatization program. However, the bank has clarified that these reports are not true.

Emirates NBD entered the Egyptian market in June 2013 through its acquisition of BNP Paribas Egypt. By the end of 2024, the bank will have a large network of 67 branches and around 339 ATMs spread across Egypt, serving customers in various locations.

The bank’s net profits rose to EGP 5.3 billion in 2024, compared to EGP 3.2 billion in 2023, reflecting a growth of 64 per cent. This demonstrates the bank’s strong and sustainable performance in the Egyptian market, as well as its commitment to providing innovative banking services that meet customer needs and strengthen its leadership position in the sector, it said in a statement.