Emirates NBD: Doubling foreign ownership limit puts a cheap, large-cap GCC bank on the table

  • ENBD is the third-largest MEA bank and now has 30% foreign ownership room; it trades at a 50% discount to its GCC peers

  • It has around 15mn customers and 20% UAE market share. Staff reductions and technology adoption will boost efficiency

  • Risk costs likely to stay elevated; NPLs will pick up from Q3 onwards. Real estate overhang could drag on credit demand

July 22nd, 2020
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