IslamicFinance.de

Dubai Islamic Bank (DIB) has completed the acquisition of Noor Bank through a share swap deal. As part of the agreement, DIB has issued 651 million new shares to take its issued share capital to 7.2 billion shares. The new DIB shares have been listed and admitted to trading on the Dubai Financial Market. The GCC financial services industry is witnessing a wave of consolidation as banks seek ways to improve competitiveness. Earlier this week, the National Bank of Bahrain acquired a 78.8% stake in Bahrain Islamic Bank. Similarly, Alizz Islamic Bank’s Board of Directors approved a share swap ratio for the proposed merger with Oman Arab Bank.