Dubai Islamic Bank announced yesterday, after obtaining all the necessary approvals from the appropriate regulatory authorities, the complete acquisition of "Noor Bank", by organizing a deal during which the shares were exchanged.
Dubai Islamic said, in a statement, that as part of this agreement, it issued 651 million, 159 thousand and 198 new shares, to increase the bank’s capital to seven billion, 240 million, 744 thousand and 377 shares.
In line with the acquisition, Noor Bank's operations will be fully integrated into Dubai Islamic Bank.
As the acquiring entity, Dubai Islamic Bank is fully committed to providing a smooth transition process for customers of both institutions, while ensuring that they continue to have the best possible banking experience during and after the merger.
“This day represents a milestone added to the journey of Dubai Islamic Bank and the United Arab Emirates,” added the Chairman of the Board of Directors of Dubai Islamic Bank, Mohamed Ibrahim Al-Shaibani, adding that “the acquisition of (Noor Bank) is an important achievement that will consolidate the position of the bank Dubai Islamic is one of the largest Islamic banks in the world, and among the largest banking institutions in the UAE. ”Al-Shaibani continued:“ In line with our strategy, the completion of this transaction means that we are still in a strong position to expand our presence in the region and outside, in addition to supporting the UAE’s vision of growth and prosperity. ».
In turn, the CEO of Dubai Islamic Bank Group, Dr. Adnan Shilwan, said, "This is an important occasion for the banking sector in the region, as the UAE has been recognized as a center for Islamic economics." Noting that the completion of this acquisition will undoubtedly enhance Dubai's role as a global center for Islamic finance. , Which allows more investment and growth in key sectors such as infrastructure, innovation and services. ”
He added: “I am proud to announce the successful acquisition of (Noor Bank), which makes us one of the most prominent Islamic finance institutions in the world. After we have consistently outperformed the market during the past few years, we are in a good position to consolidate our position as one of the largest Islamic banks in the world, with total assets. More than 275 billion dirhams, and as one of the leading institutions in Islamic finance in the UAE.
"I feel excited that we can achieve what we want, and we look forward to seeing this transfer deal enhancing the banking experience of our customers," he said.
It is noteworthy that the acquisition and merger is expected to lead to significant synergies that ensure strong profitability and returns for shareholders in the coming years.
The acquisition provides more investment and growth in key sectors such as infrastructure, innovation and services.
275
One billion dirhams total assets of "Dubai Islamic".