NO. 24


Financial and Banking News

Bank Results

Emirates Bank International Mops up Middle East Bank

Dubai-based Middle East Bank (MEB) had negative net worth of $254.9mn at theend of 1991, when it was taken over by Emirates Bank International (EBI). EBI's86.5% stake in MEB therefore equates to an injection of $220.5mn if these losseshave been written off. The Government of Dubai owns 80% of EBI. MEB did notissue accounts for 1990, and the figures which it has just released...