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Dubai Islamic Bank Board Recommends Buying Local Competitor

  • Deal would create a lender with about $76 billion in assets
  • Mideast’s banking industry is going through consolidation wave
Dubai Islamic Bank in Dubai. 

Dubai Islamic Bank in Dubai. 

Photographer: Tom Dulat/Getty Images Europe
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Dubai Islamic Bank PJSC is proceeding with plans to acquire a smaller local rival as the United Arab Emirates’ biggest Islamic lender joins a regional wave of mergers and acquisitions. The shares rose.

The state-controlled bank’s board recommended calling a shareholder meeting to consider buying 100% of Noor Bank PJSC, it said in a statement on Monday. The deal would create a lender with about 278 billion dirhams ($76 billion) in assets.