Deals
Dubai's Biggest Islamic Bank Weighs Acquiring Local Rival
- Deal would create a lender with assets of about $75 billion
- Acquisition plan comes as region sees a wave of consolidation
A Dubai Islamic Bank branch in Dubai.
Photographer: Christopher Pike/BloombergThis article is for subscribers only.
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.
“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.