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DIB considers acquisition of Noor Bank

DIB considers acquisition of Noor Bank
The shareholders in DIB will weigh up the acquisition of 100% stake in Noor Bank
DIB
DIB
-0.39% 5.13 -0.02

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.