|10 June, 2019

DIB considers acquisition of Noor Bank

The shareholders in DIB will weigh up the acquisition of 100% stake in Noor Bank

Noor Bank’s Head Office picture at Emaar Square.

Noor Bank’s Head Office picture at Emaar Square.

Noor Bank/ / Handout via Thomson Reuters Projects
Dubai – Mubasher: The board of directors of Dubai Islamic Bank (DIB) has recommended during the bank’s general meeting to consider the full acquisition of Noor Bank’s shares.

The shareholders in DIB will weigh up the acquisition of 100% stake in Noor Bank after obtaining all the required approvals from relevant regulatory authorities, as well as taking all legal procedures related to the evaluation as per the commercial companies law, DIB said in a statement on Monday.

In April, DIB said it achieved a net profit of AED 1.3 billion in the first quarter of 2019, versus AED 1.21 billion in Q1-18.

Total assets of the UAE’s largest Islamic bank stood at AED 226.5 billion at the end of March 2019.

Source: Mubasher

All Rights Reserved - Mubasher Info © 2005 - 2019 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Markets