IslamicFinance.de

Dubai Islamic Bank PJSC has reportedly obtained an approval from Indonesia's Financial Services Authority to increase its stake in PT Bank Panin Syariah Tbk to 40 percent from 24.9 percent currently, according to chief executive of Dubai Islamic Bank, Adnan Chilwan.

Dubai Islamic Bank PJSC (DIB) has completed their first phase of accumulating shares in PT Bank Panin Syariah Tbk (Bank Panin Syariah) in Indonesia. As per the envisaged plan, DIB has completed the acquisition of 24.9% shares in Bank Panin Syariah by acquiring 2,427,750,000 shares. Afterwards, DIB will initiate formal regulatory approval process to obtain "Significant Shareholder Status" from the Financial Services Authority (OJK) to complete phase 2 of the share purchase plan by increasing its stake in Bank Panin Syariah to up to 40%. Bank Panin Syariah is currently controlled by PT Bank Panin and operates through a network of 10 branches. The bank is listed on the Indonesia stock exchange.