Dubai – Mubasher: Dubai Islamic Bank (DIB) has completed the acquisition of Noor Bank through a share swap agreement.

Under the agreement, the DIB has issued 651.2 million new shares, which have been listed and admitted to trading on the Dubai Financial Market (DFM) on Wednesday.

With the issuance of new shares, DIB’s issued share capital rose to 7.2 billion shares, according to a recent statement by DIB to DFM.

DIB referred that Noor Bank’s operation will be completely integrated in the acquirer which is committed to ensuring a smooth transition for the two banks’ customers.

Commenting on the acquisition, the chairman of DIB, Mohammed Ibrahim Al Shaibani, said: “In line with our strategy, the completion of this deal means that we remain ideally positioned to expand our footprint in the region and beyond, in addition to supporting the UAE’s vision for growth and prosperity.”

Meanwhile, DIB's group CEO, Adnan Chilwan, explained: “Having consistently outperformed the market in recent years, we are set to consolidate our position as one of the largest Islamic banks in the world with combined assets of over AED 275 billion, and a leader in Islamic Finance in UAE.”