Dubai Islamic Bank (DIB) said its board is seriously pursuing a potential acquisition of Noor Bank, a major shari'a compliant lender in the UAE.
The largest Islamic bank in the UAE by total assets, DIB said the board allowed the bank to explore possible acquisition of Noor Bank and revert to the board with the findings in three weeks.
In a major move, the board has permitted the bank to appoint financial advisors for the possible acquisition, stated DIB in a statement to the Dubai Financial Market.
These advisors will conduct due diligence of Noor Bank and provide opinion on the valuation as well as legal advisors to handle all legal matters, it added.
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