Dubai Islamic Bank buys 25% of Indonesia’s Bank Panin

Dubai

Dubai Islamic Bank (DIB) has completed the purchase of a 24.9 per cent stake in Indonesia’s Bank Panin Syariah from its parent firm, an executive at Bank Pan Indonesia was quoted as saying on Wednesday.

DIB, the largest Islamic bank in the UAE, said last month that it was in talks to buy 25 per cent of Indonesia’s only listed sharia-compliant lender, which it would jointly manage and operate with Bank Pan Indonesia.