S&P ups Emirates Bank, National Bank of Dubai outlooks to positive

Standard & Poor's said it revised its outlook on Emirates Bank International PJSC and National Bank of Dubai to positive from stable, following the announcement of their planned merger.

At the same time, S&P said it affirmed its A/A-1 ratings on both banks.

The merger plans were approved by Dubai's ruler, Sheikh Mohamed Bin Rashid Al Maktoum, on March 6, the agency said, adding that the government of Dubai is Emirates Bank's majority shareholder and also one of the largest single owners of National Bank of Dubai.

If confirmed, the merger is expected to create one of the largest financial services institutions in the Middle East and a systemically important bank in Dubai, the agency said.

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