One of the region’s largest banking groups by assets was formed in 2007 through a merger between National Bank of Dubai (NBD) and Emirates Bank International (EBI), after which Emirates NBD shares were listed on the Dubai Financial Market (DFM). The state-controlled lender reported a 49 percent year-on-year rise in net profit in H1 2019, thanks partly to an AED2.1bn sale stake in Network International.