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Bloomberg
Dubai Islamic Bank PJSC, the United Arab Emirates’ biggest Islamic lender, is considering buying Noor Bank PJSC, people with knowledge of the talks said.
The bank has held preliminary discussions with Dubai-based Noor Bank’s shareho- lders, said the people, asking not to be identified because the information is private. Discussions are at an early stage and may not lead to a deal. The acquisition would create a lender with $75 billion in assets.
Investment Corp of Dubai, the emirate’s main state-owned holding company, is the largest shareholder in Dubai Islamic Bank with a 28 percent stake. It’s also one of the biggest investors in Noor Bank, a lender set up in 2008. Dubai Islamic Bank had assets of AED224 billion ($61 billion) at end of 2018, according to data compiled by Bloomberg.