DUBAI: Dubai Islamic Bank (DIB) has announced the completion of the acquisition of Noor Bank in a transaction structured through a share swap.

As part of this agreement, DIB has issued 651,159,198 new shares to take its issued share capital to 7,240,744,377 shares.

In line with the acquisition process, Noor operations will be completely integrated into DIB. As the acquirer, DIB is fully committed to ensuring that the transition is seamless for customers of both banks and that they continue to enjoy the best possible banking experience throughout the integration.

Mohammed Ibrahim Al Shaibani, Chairman of Dubai Islamic Bank, commented: “Today marks the completion of another remarkable milestone in the journey of DIB and the UAE. The acquisition of Noor Bank is a landmark achievement, establishing DIB as one of the largest Islamic banks in the world and amongst the largest banking entities in the UAE. In line with our strategy, the completion of this deal means that we remain ideally positioned to expand our footprint in the region and beyond, in addition to supporting the UAE’s vision for growth and prosperity.”

Dr. Adnan Chilwan, Group CEO, Dubai Islamic Bank, commented: “This is a momentous occasion for the banking profession in the region. The UAE is recognized as the epicenter of the Islamic economy and the completion of this acquisition will undoubtedly strengthen Dubai’s role as a global hub for Islamic finance, allowing greater investment and growth in key sectors such as infrastructure, innovation and services. I am proud to announce the successful acquisition of Noor Bank, positioning us as one of the world’s most prominent Islamic finance institutions.

Having consistently outperformed the market in recent years, we are set to consolidate our position as one of the largest Islamic banks in the world with combined assets of over AED 275 billion, and a leader in Islamic Finance in UAE. I am excited at the prospect of what we will achieve and look forward to seeing this transformative deal enhance the banking experience for our customers.”

The acquisition and the ensuing integration is expected to generate significant synergies ensuring robust profitability and returns for the shareholders in the coming years.

Dubai Islamic Bank is the largest Islamic bank in the UAE by assets and a public joint stock company listed on the Dubai Financial Market. Spearheading the evolution of the global Islamic finance industry, DIB is also the world’s first full service Islamic bank and the second largest Islamic bank in the world.

Among the youngest banks in United Arab Emirates (UAE), Noor Bank has achieved significant growth in the past 10 years. Today, in 2018, the bank is ranked the 11th largest bank in the UAE in terms of asset size.