Emirates NBD acquired Dubai Bank for $2.72

Emirates NBD PJSC, the United Arab Emirates’ biggest bank by assets, said it acquired Dubai Bank PJSC for Dh10 ($2.72).

“The consideration was Dh10, which equates to the fair value of net assets acquired,” Emirates NBD said in a presentation on its financial results. “As on the date of acquisition, there was a zero non-performing loans and profit and loss impact.”

Emirates NBD in October took over unprofitable Dubai Bank PJSC, the Islamic lender rescued by Dubai’s government in May.