No acquisition by US-based bank: Emirates NBD Bank clarifies

Emirates NBD Bank has said that 101,731,408 shares were purchased by 254 unique investors on 28th May 2020, following a press clipping indicating that the US-based Bank of America, BofA, had acquired a 1.5 percent stake in Emirates NBD.

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

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It went on to note that, "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 issued the statement in response to a recent news report speculating that BofA had bought 100 million shares — 1.5 per cent stake of Emirates NBD Bank PJSC — worth about AED900 million.

WAM