Approval of the merger create the largest bank in the Gulf

The agency said, "The General Assembly of the National Bank of Dubai in the extraordinary meeting held in Dubai tonight decisions rose to about integration with the World Bank, Emirates Bank offer made by transnational companies + Emirates, the Dubai National + for the acquisition of the shares of Bank."

She explained that the "company + Emirates, the Dubai National" is the new company licensed by the Central Bank of the State was founded for the purpose of the proposed merger. "

She added: "This intervention mergers among the largest banks in Dubai to be in place to generate the largest banking entity in the Middle East in terms of assets valued at 165 billion dirhams under one name + National Bank of Dubai, Emirates + when the government owns Dubai 56 per cent of the capital . "

The Agency explained that the shareholders meeting to present the extraordinary general assembly of the National Bank of Dubai, "and agreed on merger resolution unanimously."

She said, "will be suspended trading in shares of Bank VII of October next to be re-register the shares in the new company + Emirates Dubai National + in 14 of the same month."

The agency added that Abdullah Saleh, chairman of the National Bank of Dubai, told reporters after chairing the meeting of the General Assembly that "the first meeting of the Governing Council of the National Bank of Dubai, UAE will be held in 12 of the current month."

The disclosure of the draft merger last March but the process will require two years after project approval today, Thursday, by the shareholders in the banks, who according to experts.