Emirates NBD sells 40 percent of its BoB shares. Deal valued at $39 million

Bank of Beirut (BoB) acquired more than 40 percent of Emirates NBD's stake in the bank, valued at $39 million. It represents 2.7 percent of the bank's equity out of a total 6.5 percent shareholding. An EMIRATES NBD is a UAE-based bank.

A source at BoB downplayed the significance of the sale transfer. "It represents 1.2 percent of the bank's equity," he said. It is the first divestiture of a UAE investment from the country after the political crisis with Saudi Arabia last November. Several...

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