Dubai Islamic Bank will purchase a 25% stake in Indonesian Islamic lender Bank Panin Syariah, as the UAE-based bank looks to expand into the world’s most populous Muslim nation. Under the agreement, DIB will jointly manage and operate Bank Panin Syariah along with parent Bank Pan Indonesia, which will remain a controlling shareholder. No purchase price was given for the deal, which will be subject to regulatory approval. The investment will involve DIB accumulating around a 25% stake in Bank Panin Syariah in the initial phase, with a view to subsequently increasing its shareholding in the bank to 40%, a statement by the bank said.
