Dubai Islamic Bank to acquire Noor Bank

Supplied

Dubai Islamic Bank (DIB) is all set to acquire Noor Bank after shareholders gave a nod at the General Assembly Meeting (GAM) on Wednesday.

DIB's combined assets are valuated to touch AED 275 billion on completion of the deal.

Mohammed Al Shaibani, chairman of DIB, said: “The acquisition will provide opportunities for economic growth, ensuring that the UAE’s financial sector remains at the forefront of the Islamic economy.”

The move will fully integrate Noor Bank’s operations with DIB. 

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