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UAE C.bank nods to DIB’s acquisition of Noor Bank

UAE C.bank nods to DIB’s acquisition of Noor Bank
DIB’s acquisition of Noor Bank will be carried out through a strategic investment
DIB
DIB
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Dubai – Mubasher: The Central Bank of the UAE (CBUAE) has approved DIB’s proposed acquisition of Noor Bank which was submitted on 18 September 2019.

The Securities and Commodities Authority’s (SCA) approval has been received on 21 November to convene DIB’s ordinary general meeting (OGM) to assemble on 17 December for considering the suggested acquisition, DIB said in a bourse filing on Monday.

DIB’s acquisition of Noor Bank will be carried out through a strategic investment by issuing new shares in the UAE bank for an in-kind contribution of 99.999% of Noor Bank’s issued share capital, which is held by both of Noor Investment Group and Emirates Investment Authority (EIA), which will subsequently become strategic investors.

In April 2019, DIB said that the acquisition will create a lender with total assets worth AED 275 billion ($75 billion) if completed.