Sheikh Ahmed Bin Saeed Al Maktoum, Chairman of the Joint Steering Committee established by Emirates Bank International PJSC (“EBI”) and National Bank of Dubai PJSC (“NBD”) in connection with their Proposed Merger (“the Merger), said, “Dubai's status as an international financial services centre will be further reinforced with the proposed Merger between EBI and NBD. This week is therefore important for Dubai, with the banks' Extraordinary General Meetings (“EGMs") serving not only as a crucial step in the formation of the region's biggest bank by assets, but to underline the principles of shareholder rights and transparency that Dubai is founded on."
Ahmed Humaid al Tayer, Chairman of EBI, and Mr. Abdullah Mohamed Saleh, Chairman of NBD, today reminded shareholders about this week’s EGMs and highlighted that the EGMs are an important opportunity for EBI’s and NBD’s shareholders to vote for the merger of the two banks to create the GCC’s largest bank by assets.
In a joint statement, the Chairmen of Dubai’s first and second largest banks, said, “We are determined to ensure that the shareholders of both banks are given the chance to have a say in the Merger between NBD and EBI, and to exercise their rights as owners to vote at the EGM. The Merger is positive for the shareholders, customers and employees of both banks, and we look forward to welcoming shareholders to their respective EGMs this week.”
"In line with international best practice, shareholders of NBD and EBI, as owners of the banks, are being given the opportunity to vote on the Merger at the EGMs this week. It is important that shareholders take advantage of their rights to vote on the Merger in order to realise the benefits that are expected from the creation of this UAE banking champion," said H.E. al Tayer and Mr Saleh.
The Merger will be effected through an offer for the shares of EBI and NBD by Emirates NBD PJSC (“Emirates NBD”), a new company licensed by the UAE Central Bank established for the purpose of the Merger. Each EBI share will be exchanged for 1 share in Emirates NBD. Each NBD share will be exchanged for 0.95 shares in Emirates NBD.
The two banks have been working closely together on the EGMs and throughout the merger process. EBI shareholders will be given the opportunity to vote on the Merger at its EGM at 5.00 p.m. on 5 September 2007 to be held at Sheraton Dubai Creek Hotel & Towers, Baniyas Street, Deira, Dubai. NBD shareholders will be given the opportunity to vote on the Merger at its EGM at 5:00 p.m. on 6 September 2007 to be held at the Radisson SAS Hotel Dubai Deira Creek, Baniyas Street, Deira, Dubai.
