Dubai's largest bank courts foreigners as it plans Turkey bid

Dubai

EMIRATES NBD PJSC plans to open up for more foreign shareholders as Dubai's biggest bank prepares a bid for Turkey's DenizBank AS. The bank is seeking shareholder approval to boost its foreign ownership limit to 20 per cent from 5 per cent, said the Dubai government-controlled lender.

It also plans to raise capital by 7.35 billion dirhams (S$2.6 billion) from an issue of new shares at no less than a 10 per cent discount to the market price. Emirates NBD is preparing to submit a bid for Sberbank PJSC's wholly-owned Turkish unit in March, according to sources.