A proposed merger between two of Dubai's principle banks is set to create a new banking giant in the Gulf.
The announced union between National Bank of Dubai (NBD) and Emirates Bank International (EBI) will see the birth of a company with a market value of £5.6 billion.
This would see the merged entity eclipse National Bank of Abu Dhabi as the region's biggest bank.
NBD and EBI first revealed in March that Goldman Sachs was advising on a potential merger.
"The board of directors of NBD today announced that it has approved the terms of the bank's proposed merger with EBI," a statement said.
"NBD and EBI have requested that trading in their respective shares on the Dubai financial market be suspended with effect from today, in order for consultations to take place with the relevant regulatory authorities.
"Details of the terms of the proposed merger are expected to be communicated within 15 days, upon which the trading suspension will be lifted."
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