Dubai’s largest bank Emirates NBD has put its remaining 15 percent stake in Union Properties up for sale, the lender’s chief financial officer said on Thursday.
The bank booked a gain of 191 million dirhams ($52.00 million) from the sale of a 32.6 percent stake in Union Properties during the first nine months of 2013.
Its remaining stake is now held as “available for sale” on its books, CFO Surya Subramanian said in a conference call. Emirates NBD reported a 21 percent increase in third-quarter net profit earlier in the day, although a 50 percent rise in provisions year-on-year meant its profit was below analysts’ forecasts.-Reuters
