DIB’s net financing assets to customers increased to Dh142.6 billion as of September 30, 2018 from Dh133.3 billion at the end of 2017, up 7 per cent. Image Credit: Arshad Ali/Gulf News

Dubai: Dubai Islamic Bank (DIB), the UAE’s biggest Islamic Bank on Monday said the bank has secured the regulatory clearance from the Central Bank of UAE for the proposed acquisition of Noor Bank, another Dubai based Islamic Bank.

In a statement published on the website of Dubai Financial Market (DFM), DIB said approval of the Central Bank of UAE in relation to the proposed acquisition of Noor Bank was issued on September 18, 2019 and the approval of the Securities and Commodities Authority to convene DIB’s general assembly in respect of the acquisition was obtained on November 21, 2019.

DIB is scheduled to hold it general assembly on December 17, 2019 to seek the shareholders’ approval for the acquisition of 99.99 per cent of shares of Noor Bank from Noor Investment Group and Emirates Investment Authority.

The general assembly will seek shareholders’ approval for the share swap ratio of one new DIB share from every 5.49 shares of the Noor Bank through issuance of 651,159,198 new DIB shares for Noor shareholders.