Dubai Islamic Bank to acquire Noor Bank.

Dubai Islamic Bank, an Islamic bank in Dubai, established in 1975, agreed to acquire Noor Bank, a financial services company. The acquisition will consolidate DIB’s position as one of the largest Islamic banks in the world, with combined assets of $76bn. Noor Bank’s operations will be integrated and consolidated within the Dubai Islamic Bank after the acquisition. Shares rose in DIB after details of the state-controlled bank’s board meeting emerged, which recommended buying 100% of Noor Bank. “The acquisition of Noor Bank is in line with our disciplined yet flexible growth strategy which strikes the perfect balance between market dynamics and shareholder interest. We are confident that this acquisition will build upon the already strong foundations we have established and accelerate our growth in the sector," Adnan Chilwan, Dubai Islamic Bank GCEO.