Emirates NBD Bank squashes recent reports of a Bank of America Investment

Recent reports suggested that US-based Bank of America has purchased shared of Emirates NBD Bank through market deals

By Rahul Vaimal, Associate Editor
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Emirates NBD Bank
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Following a press clipping suggesting that the US-based Bank of America (BofA) had acquired a 1.5 percent stake in Emirates NBD recently, the bank has stated that 101,731,408 shares were purchased by 254 unique investors on 28th May 2020.

In a published statement on the Dubai Financial Market website, the Dubai-based bank revealed that “The largest purchase by one single investor was 10,116,892 shares on this date (28th May 2020).”

It elaborates further, “This increase in purchase volume coincides with Emirates NBD’s inclusion in the ‘MSCI Emerging Markets Standard Index’ and Emirates NBD Bank confirms that a large number of these purchases were made by Emerging Markets Index Tracking Funds.

Emirates NBD published an official statement in response to a recent news report suggesting that BofA had acquired 100 million shares which is equivalent to 1.5 percent stake of Emirates NBD Bank PJSC which were worth about AED$245 million.

The sources had suggested that “It is difficult to say whether it was acquired by the American bank for itself or a client. But the high probability is that such deals are generally conducted on behalf of the clients, especially high net worth individuals”