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DIB completes the acquisition of Noor Bank

Muzaffar Rizvi/Dubai
Filed on January 23, 2020
DIB, Noor Bank, Dubai Islamic Bank

(File photo)

The acquisition has made DIB fourth largest bank in the UAE in terms of assets.

Dubai Islamic Bank (DIB) on Thursday announced that it completed the acquisition of Noor Bank to become one of the largest Islamic banks in the world with total assets exceeding Dh275 billion.

In a statement, the Dubai-listed bank said it secured necessary approvals from the relevant regulatory authorities to complete the acquisition by increasing capital through issuance of651,159,198new shares, which have been listed and admitted to trading on the Dubai Financial Market. The bank now has raisedshare capital to 7,240,744,377 shares.

The acquisition has made DIB fourth largest bank in the UAE in terms of assets after First Abu Dhabi Bank, Emirates NBD and Abu Dhabi Commercial Bank.


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