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Dubai Islamic Bank to acquire Noor Bank

Dubai Islamic Bank (DIB) is expected to acquire Noor Bank. The bank has received the approval of its board for 100% acquisition. Noor Bank is the 11th largest bank in the UAE and post-acquisition, the combined entity will be the fourth largest bank by assets in the country with Dh275 billion in combined assets. The merger will also make the entity one of the largest Islamic banks with 10% of the market size. In terms of assets, First Abu Dhabi Bank, which was a result of a merger between National Bank of Abu Dhabi and First Gulf Bank, ranked the biggest with Dh733 billion, followed by Emirates NBD and ADCB. This acquisition is another step in the plans to expand in the region and beyond, said Mohammad Al Shaibani, chairman of DIB.

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