Oct 03 2010 |
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Dubai Bank and Emirates Islamic Bank hold merger talks
Dubai Bank and Emirates Islamic Bank ( EIB ) are holding merger talks in order to create a huge Shariah-compliant bank in the emirate, sources said.The heads of two Islamic banks started negotiations during Ramadan and continued till last week.
It said several scenarios came under discussion most notably the full and complete acquisition of Emirates Islamic Bank by Dubai Bank or merger on the lines of Emirates Bank and National Bank of Dubai - now known as Emirates NBD, Al Ittihad newspaper said citing industry sources.
Following the completion of the merger, the new entity will take over Amlak Finance , sources said. This decision is in line with the recent move where Dubai Islamic Bank increased its stake in mortgage firm Tamweel to 57.33 per cent and took over the beleaguered company.
© Emirates 24|7 2010
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Comments By Our Users (1)
As Emirates Islamic is a subsidiary of Emirates NBD it would be more correct to say that Dubai Bank is in merger talks with Emirates NBD, the largest bank in the region. We had this last week in ArabianMoney.net, see: http://www.arabianmoney.net/banking-finance/2010/09/27/dib-takes-control-of-tamweel-to-restart-dubai-home-lending/
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