Dubai Islamic Bank (PJSC) received shareholder approval for its acquisition of Noor Bank PJSC.
The deal will see Dubai Islamic Bank increase its capital to 7,240,744,377 shares from 6,589,585,179 shares, and will be carried out through a share swap at a ratio of 5.49 Noor Bank shares for 1 new Dubai Islamic Bank share.
Dubai Islamic Bank said the acquisition will create an entity with combined assets of more than 275 billion United Arab Emirates dirhams. The lender expects the integration of the two operations to generate significant synergies and lead to improved efficiencies and contribution to profitability, according to Group CEO Adnan Chilwan.
As of Dec. 18, US$1 was equivalent to 3.67 United Arab Emirates dirhams.