Dubai-based Emirates NBD announced that the company has requested Fitch Ratings and Moody's Investors Service to withdraw their ratings on Dubai Bank PJSC.
Following the completion of the takeover of Dubai Bank by Emirates NBD, all capital and medium-term funding requirements for Dubai Bank are managed under the Group umbrella and accordingly credit ratings are no longer required for this entity.
Dubai Bank has no outstanding debt rated by either Fitch or Moody's and therefore creditors are unaffected by this decision.
Since its launch in September 2002, Dubai Bank has placed service, transparency and convenience at the forefront of its operations, introducing a wide range of unique products and services to the market. On January 1, 2007, Dubai Bank was converted into a Shari'a-compliant financial institution.
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