The CBE reportedly denied the Housing and Development Bank’s (HDBK) request to spin off its real estate holdings into a separate company, sources close to the matter supposedly told Al Mal. HDBK’s board had voted in favor of a demerger back in February and had been receiving pitches from investment banks vying to advise on the transaction. HDBK said it had yet to receive word from the CBE on the matter in a regulatory filing on Sunday (pdf).

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