By Sam Bridge
Interim board has been appointed for Dubai-based Noor Bank as its acquisition by Dubai Islamic Bank gathers pace
A new interim board has been appointed for Dubai-based Noor Bank as its acquisition by Dubai Islamic Bank (DIB) gathers pace.
Following approvals received from the regulators and the shareholders of Dubai Islamic Bank and Noor Bank, DIB said it is now progressing with the acquisition of Noor Bank.
To ensure smooth acquisition of the transaction and achieve seamless integration of Noor Bank into DIB, it has been decided to reconstitute Noor Bank's board.
It will be made up of Yahya Saeed Ahmed Nasser Lootah, Hamad Buamim, Ahmad Mohammad Saeed Bin Humaidan, Abdulla Ali Obaid Al Hamli - all current board members of DIB, andAdnan Chilwan, the bank's group CEO.
The appointed members of the interim board will be responsible for the management of Noor Bank and implementation of the integration plan of Noor Bank into DIB, a statement said.
Shareholders at DIB last month approved the acquisition of Noor Bank, which consolidates its position as one of the largest Islamic banks in the world with combined assets of over AED275 billion ($74.8 billion).
The banks said the acquisition will result in cost efficiencies and contribute to profitability, as well as allowing Dubai Islamic Bank to offer competitively priced products and services across a more diversified portfolio.
It’s also expected to drive innovation and accelerate the group’s digitisation programme.