Dubai’s DIB completes Noor acquisition to create one of the world’s largest Islamic banks
- Date: 24-Jan-2020
- Source: Gulf Business
- Sector:Financial Services
- Country:UAE
Dubai’s DIB completes Noor acquisition to create one of the world’s largest Islamic banks
Dubai Islamic Bank (DIB) has completed the acquisition of rival Noor Bank to create a lender with total assets exceeding Dhs275bn, it was announced on Thursday.. The transaction, structured through a share swap, saw DIB issue 651,159,198 new shares to take its issued share capital to 7,240,744,377 shares.. Three of Abu Dhabi's banks - Abu Dhabi Commercial Bank, Union National Bank and Al Hilal Bank merged earlier this year to create the third largest UAE lender with $110bn in assets..