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Noor Islamic Bank Dismisses Speculation of Merger or Takeover

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May 28 (Bloomberg) -- Noor Islamic Bank, a lender controlled by Dubai’s government, said it has never had plans to be merged or taken over, according to Sheikh Ahmed Bin Saeed Al Maktoum, chairman of Noor Investment Group.

“There were never any plans to merge Noor Islamic Bank with, or have it absorbed by, any other financial institutions,” Sheikh Ahmed said in an e-mailed statement. “These were nothing but unfounded market rumors.”

To contact the reporter on this story: Mourad Haroutunian in Riyadh at

To contact the editor responsible for this story: Shaji Mathew at

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