A source close to the matter was quoted by Reuters as saying Emirates NBD is now fine-tuning the legal paperwork ahead of the merger of the two banks.
The source did not disclose further details regarding the approvals, however, added, "It’s a matter of a week or two, so by the end of the month."
In the meantime, a committee comprising representatives from the two banks and Emirates NBD have named Jamal bin Ghalitha CEO of the new unit, as reported by the Alkhaleej daily.
Negotiations to merge the two banks began in 2010 while the merger is intended to create a "massive Islamic banking unit."
DB’s assets stood at Dh17.3bn, liabilities at Dh15.6bn and shareholders’ equity at Dh1.7bn at the end of 2009.
As of end 2010, EIB, 99.8% controlled by EBI, had controlled assets of around Dh25.3bn and its shareholders equity was Dh2.84bn.
Dubai’s Government holds around 29.8% of DB, which has an authorized capital of Dh3.4bn, and is controlled by the Dubai Banking Group.
