Emirates NBD Private Banking to be official banking partner of Russian Business Council

Press release

Published May 16th, 2011 - 11:30 GMT

Gary Dugan, Chief Investment Officer, Private Banking, Emirates NBD

Emirates NBD, a leading bank in the region, announced today that the Private Banking Division is the official banking partner of the Russian Business Council, an organisation representing the interests of the Russian business community in the UAE.

The announcement was made alongside the opening ceremony of the official premises of the Russian Business Council, held at the Jumeirah Zabeel Saray, Palm Jumeirah.

“The UAE has been attracting significant interest from Russian investors in recent months, and the establishment of the Russian Business Council will further drive this bilateral relationship,” said Gary Dugan, Chief Investment Officer, Private Banking, Emirates NBD. “Emirates NBD Private Banking is pleased to be named the official banking partner of the council and we look forward to providing the members with our regional expertise and bespoke advisory services.”

Established in late 2010, the Russian Business Council, which is registered with the Dubai Chamber of Commerce and Industry, comprises of representatives from 22 companies of Russian origin with operations in the UAE. The 39^th business council to be registered with Dubai Chamber, it has been set up with the objective to help business communities of the UAE and Russia to establish stronger trade ties and contribute to the economic development of both countries.

Background Information

Emirates NBD

Emirates NBD, the leading banking group in the region, was formed on 19 June 1963, when H.H. Late Sheikh Rashid bin Saeed Al Maktoum signed the Charter of Incorporation of the National Bank of Dubai (NBD) which became the first National Bank established in Dubai and the United Arab Emirates (UAE). With the blessings of H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, NBD merged with Emirates Bank International (EBI) on 06 March 2007, to form Emirates NBD, the largest banking group in the region by assets. On 16 October 2007, the shares of Emirates NBD were officially listed on the Dubai Financial Market (DFM). The merger between EBI and NBD to create Emirates NBD, became a regional consolidation blueprint for the banking and finance sector as it combined the second and fourth largest banks in the UAE to form a banking champion capable of delivering enhanced value across corporate, retail, private, Islamic and investment banking throughout the region.