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DIB completes integration of Noor Bank

DIB completes integration of Noor Bank
The DIB has closed the integration project in 283 days
DIB
DIB
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Dubai – Mubasher: Dubai Islamic Bank (DIB) has successfully completed the integration of Noor Bank with its banking activities, according to a press release on Monday.

The acquisition boosts DIB’s position as one of the world's largest Islamic banks with total assets exceeding AED 300 billion.

The DIB has closed the integration project in 283 days, ahead of the deadline set for one year.

The Group CEO, Adnan Chilwan, said: "A key element of the project was the engagement with the market, customers as well regulators that allowed us to effectively manage any situation that could unfold, and to keep our customers abreast of the same."

Chilwan added: "The UAE is recognized as the epicenter of the Islamic economy and the successful completion of this acquisition clearly evidences the alignment of Dubai Islamic Bank to Dubai’s role as a global hub for Islamic finance."

It is noteworthy to mention that in late October, DIB announced a temporary suspension of its services on 28-31 October to complete the final phase of its merger with Noor Bank.