Dubai - Mubasher: Bank of America Corporation has reportedly purchased a stake in Emirates NBD, the UAE's largest bank by assets, at a total value of AED 900 million ($244.98 million), Arabian Business reported.

The US-based bank bought around 100 million shares or 1.51% of Emirates NBD's capital.

It is noteworthy to mention that in Q1-2020, Emirates NBD's net profit declined by 24% YoY to AED 2.1 billion.

In February, Emirates NBD maintained its position as the most valuable banking brand in the UAE.