Dubai – Mubasher: Dubai Islamic Bank’s (DIB) board of directors agreed upon exploring the possible acquisition of Noor Bank, a UAE-based Sharia-compliant lender.
The board needs to come up with the findings within three weeks, the bank said in a statement to the Dubai Financial Market (DFM) on Tuesday.
The bank is allowed to appoint financial advisors to conduct due diligence of Noor Bank and provide a fairness opinion on the valuation.
The UAE’s largest Islamic bank is also allowed to hire an external legal counsel to deal with any legal matters.
DIB’s CEO is authorised to incur all necessary expenses in this respect, the statement added.
In April, DIB stated talks to acquire Noor Bank in a move to create a lender with total assets worth AED 275 billion, Bloomberg News reported.
It is worth noting that DIB posted a 12% year-on-year increase in profits for the first quarter of 2019, recording AED 1.3 billion.
