Financial and Banking News


UBME Acquires ENB in UAE 

The Union Bank of the Middle East (UBME), which since the end of 1983 has been controlled by the UAE government, has bought out the small Dubai-based Emirates National Bank (ENB) for an undisclosed sum. ENB was established in 1977 with an authorized capital of Dh500mn, of which Dh138mn ($37mn) was paid in. It had a single branch with assets of Dh1.1bn ($295mn) at the end of 1983, 16% of which were held in the form...