The mooted merger between Emirates Bank International and its smaller rival National Bank of Dubai is to result in a bank with combined assets of $45 billion - making it the largest in the region, it has been reported.
Announcing that the terms of merger have been agreed, Douglas Dowie, NBD chief executive, told Forbes that the deal is aiming to "create a market leader in the UAE and the region" and will have a market capitalization of $11.3 billion.
The new bank has been created at the request of Dubai's ruler Sheikh Mohammed bin Rashid al-Maktoum and is to be called Emirates NDB PJSC.
Ahmed al-Tayer, currently Emirates Bank chairman, will be the chairman of the new entity, while Rick Pudner, Emirates Bank's chief executive, is to be its chief executive officer.
National Bank shareholders will hold 33.7 per cent of the new venture, while Emirates Bank shareholders will own the remaining share.