Dubai: Dubai Islamic Bank (DIB) on Monday announced that it has completed the acquisition of 24.9 per cent shares in Bank Panin Syariah by acquiring 2,427,750,000 shares.

Last month, DIB had announced its intention to acquire 40 per cent stake in Bank Panin Syariah, a listed Islamic bank in Indonesia.

Upon completion of this Phase 1 of the acquisition, DIB will initiate formal regulatory approval process to obtain “Significant Shareholder Status” from the Financial Services Authority. Once this approval is granted by the Authority, DIB will complete phase 2 of the share purchase plan and will increase its stake in Bank Panin Syariah to up to 40 per cent.

Bank Panin Syariah offers Islamic banking services in Indonesia. “DIB intends to cooperate with Bank Panin in order to promote the growth of Sharia banking in Indonesia. To achieve this, DIB will provide its well-established expertise in Islamic banking operations to Bank Panin Syariah, which will be bolstered by Bank Panin’s knowledge of the local market,” DIB said in a statement.

Bank Panin Syariah is currently controlled by PT Bank Panin and operates through a network of 10 branches. The bank is listed on the Indonesia stock exchange.