Dubai Islamic Bank (DIB) has secured necessary approvals from the relevant regulatory authorities to complete its acquisition of Noor Bank, in a transaction it says was structured through a share swap.
The acquisition, which will see Noor operations completely integrated into DIB, creates one of the largest Islamic banks in the world with total assets exceeding $75 billion (AED275bn).
As part of this agreement, DIB has issued 651,159,198 new shares on Dubai Financial Market to take its issued share capital to 7,240,744,377 shares.
Mohammed Ibrahim Al Shaibani, chairman of Dubai Islamic Bank, described the acquisition as “another remarkable milestone in the journey of DIB and the UAE”.
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