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DIB’s shareholders approve to acquire Noor Bank

DIB’s shareholders approve to acquire Noor Bank
DIB's combined assets total AED 275 billion
DIB
DIB
-0.51% 5.81 -0.03

Dubai – Mubasher: The shareholders of the Dubai Islamic Bank (DIB) consented the recommended acquisition of Noor Bank, a UAE-based Sharia-compliant bank, during the ordinary general meeting's (OGM) assembly on Tuesday.

The takeover is set to foster DIB’s position as one of the largest Islamic finance institutions globally with total assets exceeding AED 275 billion, and is likely to elevate Dubai to be the capital of Islamic economy, said a press release on Wednesday.

DIB’s capital will increase to 7,240,744,377 shares from 6,589,585,179 shares, in tandem with the share swap ratio of one new share in DIB for every 5.49 Noor Bank shares, representing an issuance of 651,159,198 new DIB shares.

Commenting on this acquisition, DIB’s chairman, Mohammed Al Shaibani, said, “With the acquisition of Noor Bank, we are on track to expand our footprint in the region and beyond. Completion of this deal will provide opportunities for economic growth, ensuring that the UAE’s financial sector remains at the forefront of the Islamic economy.”

Meanwhile, Group CEO, DIB, Adnan Chilwan, concluded, “We anticipate that integrating the two operations will generate significant synergies, leading to improved efficiencies and greater contribution to profitability with positive impact on shareholder returns.”