Financial and Banking News
MEB Recapitalizes to Cover Loan Losses
The Dubai-based Middle East Bank (MEB) has received an injection of fresh capital amounting to Dh100mn to help it deal with loan losses. Half of the new capital is subscribed by the government of Dubai, whose stake in the bank is increased to over 20% as a result. The bank declared losses for 1985 of Dh93.1mn, which meant that it had to carry forward losses of Dh72.3mn at the end of 1985, leaving its...