Dubai Group unit sells Bank Islam stake to BIMB Holdings - Business Intelligence Middle East - bi-me.com - News, analysis, reports:
"Dubai Group, a diversified financial services company, announced today that its subsidiary Dubai Financial Group LLC (DFG), has signed an agreement with BIMB Holdings, concerning the sale of DFG's 30.5% stake in Bank Islam.
The sale transaction, which concluded on July 31st 2013, was valued at USD 550 million.
DFG acquired a 40% stake in Bank Islam for a value of US$224 million in October 2006. The shareholding was reduced to 30.5% in 2009 due to DFG’s non-participation in the capital increase exercise that Bank Islam undertook at that time."
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