UPDATE 1-Dubai Islamic Bank to buy Indonesian bank stake | Reuters

UPDATE 1-Dubai Islamic Bank to buy Indonesian bank stake | Reuters:



"Dubai Islamic Bank (DIB) will purchase a 25 percent stake in Indonesian Islamic lender Bank Panin Syariah, it said on Monday, as the United Arab Emirates-based bank looks to expand into the world's most populous Muslim nation.



Under the agreement, DIB - the largest Islamic bank in the UAE - will "jointly manage and operate" Bank Panin Syariah along with parent Bank Pan Indonesia, which will remain a controlling shareholder, it said in a Dubai bourse filing.



DIB Chief Executive Adnan Chilwan this month said that the bank was in talks to buy a 40 percent stake in an Indonesian Islamic bank, adding that it hoped to conclude a deal before the end of the year using its own cash to fund the purchase."



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