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Emirates NBD eyeing overseas expansion opportunities
- United Arab Emirates: Wednesday, November 21 - 2012 at 04:28
Rick Pudner, chief executive of Dubai's largest bank, Emirates NBD has said the lender is looking for acquisitions in fast-developing African markets to satisfy investor demand for growth it is unlikely to deliver at home, Reuters has reported. The bank is targeting international revenues of around 15-20% of its total in five years' time, up from 5% at present, said Pudner. Acquisitions are likely to play a role in this, given the difficulties of achieving organic growth in the current economic environment, he said. "If you can find something that isn't betting the bank on but is a good opportunity to take advantage of weaker asset prices in the region, then you need to look at it," Pudner said, confirming the bank was looking at a couple of potential buys, including in Africa.
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