#Dubai Islamic Bank board backs examining possible deal for Noor Bank - Reuters

Dubai Islamic Bank board backs examining possible deal for Noor Bank - Reuters:

Dubai Islamic Bank (DIB) on Tuesday said it had received approval from its board to explore the possible acquisition of unlisted Noor Bank.

The United Arab Emirates’ largest sharia-compliant lender also received approval to appoint financial advisers to conduct due diligence and valuation of Noor Bank, it said in a statement.


Dubai’s sovereign investment group, Investment Corp of Dubai (ICD) is a common shareholder in the two banks. ICD owns 28.37 percent of DIB and more than 22.7 percent of Noor Bank.