DIB to boost stakes in Indonesian bank.
Summary: DIB initiated a formal regulatory approval process to obtain 'Controlling shareholder status' from the Financial Services Authority.
Dubai Islamic Bank, or DIB, on Saturday said it received a regulatory approval from the Financial Services Authority of Indonesia to increase its shareholding in Bank Panin Syariah up to 40 per cent as part of the overall investment strategy in Indonesia.
In phase one, the Dubai-based Islamic lender had completed the acquisition of around 25 per cent stake in Bank Panin Syariah, procuring the entity's shares from the market and not through a direct share purchase from Panin Bank as earlier reported in certain sections of the Press.
Upon completion of phase one, After being granted this approval, DIB is now in a position to initiate and complete phase two of the share purchase plan which seeks to increase its shareholding to 40 per cent.
"Islamic banking in Indonesia has huge potential which still remains largely unexploited", said Dr Adnan Chilwan, Group CEO, DIB.
"Given Bank Panin Syariah's knowledge of local market and DIB's undisputed expertise in this fast growing segment, we see a massive opportunity for growth and expansion transforming what today is seen as a niche business into a more widely accepted form of banking within the country".
Bank Panin Syariah is controlled by PT Bank Panin and operates through a network of 12 branches.
The bank is listed on the Indonesia stock exchange.
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|Publication:||Khaleej Times (Dubai, United Arab Emirates)|
|Date:||Oct 3, 2015|
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