Dubai Islamic Bank (DIB) has completed the acquisition of Noor Bank after securing the necessary regulatory approvals.
The acquisition is set to create one of the largest Islamic banks worldwide with more than 275 billion dirhams worth of assets ($75 billion), DIB said in a statement on Dubai Financial Market (DFM).
The transaction has been structured through share swap, with DIB issuing 651,159,198 new shares to take its issued share capital to 7,240,744,377 shares. Noor Bank’s operations will be completely integrated into DIB.
“In line with our strategy, the completion of this deal means that we remain ideally positioned to expand our footprint in the region and beyond, in addition to supporting the UAE’s vision for growth and prosperity,” Mohammed Ibrahim Al Shaibani, Chairman of Dubai Islamic Bank said in the bourse filing.
(Writing by Nada Al Rifai; editing by Seban Scaria)
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