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Dubai Islamic Bank gets regulatory nod to acquire Noor Bank.

Summary: The joint entity would create a bank with assets worth Dh275 billion

With the planned acquisition, DIB said it would consolidate its position as the one of the largest Islamic banks in the world with combined assets of nearly Dh275 billion. Image Credit: File photo Also in this package

UAE's DIB, Noor Bank hire advisers for merger talks

Dubai Islamic Bank could see 22 per cent rise in asset size with Noor deal

DIB evaluates Noor acquisition

DUBAI: Dubai Islamic Bank (DIB) said on Monday it has received regulatory nods to acquire 100 per cent in Noor Bank, through which its assets would reach Dh275 billion.

With the planned acquisition, DIB said it would consolidate its position as the one of the largest Islamic banks in the world with combined assets of nearly Dh275 billion.

"This scale will provide greater efficiencies and reduce our operational costs. However, we recognise the importance of maintaining strong governance and will be working tirelessly to embed robust compliance across the group to ensure that our customers, business partners and regulators enjoy the utmost confidence in the new combined operation," Dr Adnan Chilwan, GCEO, Dubai Islamic Bank said.

The date and agenda for the General Meeting including the terms and details pertaining to the acquisition will be announced after the same has been approved by competent regulatory authorities.

"This acquisition is another step in our plans to expand in the region and beyond," Mohammed Al Shaibani, Chairman of DIB said in a statement.

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Publication:Gulf News (United Arab Emirates)
Date:Jun 10, 2019
Words:265
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