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Dubai: Biggest Islamic bank to buy local rival

By  |  April 23, 2019
Dubai Islamic Bank PJSC is weighing a possible acquisition of smaller rival Noor Bank PJSC as the United Arab Emirates’ biggest Islamic lender seeks ways to expand amid a wave of mergers in the region, reported Bloomberg.

“We’re in the early stages of that analysis,” Chief Executive Officer Adnan Chilwan said on a conference call on Tuesday. “There are a lot of synergies that we can see with an acquisition of Noor and should those synergies work, it would be beneficial” for the shareholders of both banks, he said.

Dubai Islamic Bank held preliminary discussions with Noor Bank shareholders, people familiar with the matter said earlier this month. The acquisition would create a lender with 278 billion dirhams ($76 billion) in assets.

Full Content: Bloomberg

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