Dubai: Noor Bank’s board of directors was reconstituted on Wednesday as part of Dubai Islamic Bank’s (DIB) acquisition of the bank.
Last month General Assembly Meeting (GAM) of DIB had approved the acquisition of Noor Bank.
“Based on approvals received from the regulators and the shareholders of Dubai Islamic Bank (DIB) and Noor Bank in their respective General Assembly Meetings, DIB is now progressing with the acquisition of Noor Bank. In order to ensure smooth acquisition of the transaction and achieve seamless integration of Noor Bank into DIB, it has been decided to reconstitute the Board of Directors of Noor Bank,” DIB said in an emailed statement.
The new board will include Yahya Saeed Ahmed Nasser Lootah, Hamad Buamim, Ahmad Mohammad Saeed Bin Humaidan, Abdulla Ali Obaid Al Hamli (all current board members in DIB) and Dr. Adnan Chilwan (Group CEO of DIB). Members of the interim board will be responsible for the management of Noor Bank and implementation of the integration plan of Noor Bank into DIB in order to effectively realise the benefits of the acquisition and unlock value for all stakeholders.