DIB, Noor Bank, Dubai Islamic Bank

Dubai Islamic Bank (DIB) on Thursday announced that it completed the acquisition of Noor Bank to become one of the largest Islamic banks in the world with total assets exceeding Dh275 billion.

In a statement, the Dubai-listed bank said it secured necessary approvals from the relevant regulatory authorities to complete the acquisition by increasing capital through issuance of 651,159,198 new shares, which have been listed and admitted to trading on the Dubai Financial Market. The bank now has raised share capital to 7,240,744,377 shares.

The acquisition has made DIB fourth largest bank in the UAE in terms of assets after First Abu Dhabi Bank, Emirates NBD and Abu Dhabi Commercial Bank.

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