Dubai – Mubasher: Dubai Islamic Bank (DIB) has been in talks to acquire Noor Bank, sources told Bloomberg News.

Negotiations are still at an early stage and may not lead to a deal.

If completed, the acquisition will create a lender with total assets worth AED 275 billion ($75 billion), the New York-based news agency added.

DIB and a spokeswoman for Noor Bank said on Monday they do not comment on speculation or rumour.

It is worth noting that DIB, the UAE’s biggest Islamic lender, last reported an 11% year-on-year increase in profits for the full-year 2018, recording AED 5 billion.