Dubai: Dubai Islamic Bank (DIB) has completed the acquisition of Noor Bank through a share awap deal, making for a key moment in the ongoing consolidation drive across the country’s banking sector.
As part of the agreement, DIB issued 651,159,198 new shares to take its issued share capital to 7.24 billion shares. The new DIB shares have been listed on DFM.
Noor’s operations will be completely integrated into DIB. “As the acquirer, DIB is fully committed to ensuring that the transition is seamless for customers of both banks and that they continue to enjoy the best possible banking experience throughout the integration,” DIB said in a statement.
According to Mohammed Ibrahim Al Shaibani, Chairman of Dubai Islamic Bank, “The acquisition of Noor Bank is a landmark achievement, establishing DIB as one of the largest Islamic banks in the world and amongst the largest banking entities in the UAE. 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.”
A powerful combo
The combined entity will have assets of Dh275 billion plus. "The UAE is recognized as the epicenter of the Islamic economy and the completion of this acquisition will undoubtedly strengthen Dubai’s role as a global hub for Islamic finance," said Dr. Adnan Chilwan, Group CEO, Dubai Islamic Bank.
"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."