Dubai Islamic Bank (DIB), one of the world's largest Islamic financial institutions, is set to acquire Noor Bank, bolstering Dubai’s standing as the financial capital of the Islamic economy, and creating the region’s most powerful Sharia banking group.
A statement from DIB said the bank has consistently outperformed the market over the past few years, with the Noor acquisition set to strengthen its influence, deliver increased market share and improve operational efficiencies. The planned acquisition of Noor Bank will see combined assets grow to nearly USD75 billion.
After the acquisition is completed, Noor Bank’s operations will be integrated and consolidated within DIB, said a company statement, adding that the DIB board of directors resolved to recommend to the General Meeting of the bank’s shareholders to consider the acquisition of 100 percent shares of Noor Bank after obtaining all necessary approvals from the competent regulatory authorities.
The date and agenda for the General Meeting, including the terms and details pertaining to the acquisition, will be announced after approval by regulatory authorities. DIB Chairman Mohammed Al Shaibani said, "DIB has enjoyed unparalleled success over recent years, the result of a successful strategy that has seen the bank outperform the market and play a pivotal role in establishing the UAE as a global hub for Islamic finance."
"This acquisition is another step in our plans to expand in the region and beyond. Innovation and service excellence sit at the very heart of our business and this will continue as we build scale through this acquisition and develop fresh new ways to improve the banking experience for our customers."
Group CEO Dr Adnan Chilwan added, "The acquisition of Noor Bank is in line with our disciplined yet flexible growth strategy which strikes the perfect balance between market dynamics and shareholder interest. The economics of the deal will allow us the opportunity to capitalize on synergies, notably cost efficiencies, digitisation, product and business development and most importantly, the customer experience."
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