VOL XXVIII

NO.26

8-APRIL-1985

Financial and Banking News

REGIONAL BANKING

State Intervention Leads to UBME Takeover of Dubai Bank

After the direct intervention of the Government of Dubai, a board meeting of Dubai Bank on 3 April acceded to the bank's takeover by the 73% state-owned Union Bank of the Middle East (UBME). UBME is paying Dh1.47mn ($400,000) for the bank -Dh1 for every Dh100 share - which according to the UAE Minister of State for Financial and Industrial Affairs (and UBME Chairman) Mr....