Emirates NBD 'eyeing merger opportunities'

30/03/2011 - Dubai Investment News Posted by Neil King
Emirates NBD 'eyeing merger opportunities'
Emirates NBD, one of Dubai's top lenders, in looking out for new merger opportunities, it has been reported.

According to Reuters, the organisation is looking to set aside more money to cover bad loans after posting a sharp increase in profits in the fourth quarter of 2010.

Rick Pudner, the bank's chief executive, told the news provider: "There will be further restructurings going on, there will be further provisions, the content of that I cannot say. We are not out of the provision phase yet.

"We're looking at opportunities … we continue to look around, our ambition is to move some of our revenue generating activities outside of the UAE."

The comments follow the publication of reports showing that the UAE is experiencing economic growth.

Nariman Abdullah Kamber Al Awadi, chief manager at UAE Central Bank recently claimed the country is once again "in recovery mode" following growth of 2.5 per cent in 2010.