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Mon 3 Feb 2020 01:58 PM

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Dubai Islamic Bank said to mull 500 job cuts after Noor acquisition

Sources say hundreds of job losses loom as part of cuts planned across both lenders

Dubai Islamic Bank said to mull 500 job cuts after Noor acquisition

DIB secured necessary approvals from the relevant regulatory authorities to complete its acquisition of Noor Bank last month.

Dubai Islamic Bank (DIB) is reportedly planning to cut more than 500 jobs at newly acquired Noor Bank as part of cost cuts across both lenders.

Reuters quoted sources close to the matter as saying final numbers on the job losses will emerge after completion of interviews between DIB managers and Noor Bank staff.

DIB has more than 9,000 employees while Noor Bank has between 1,200-1,400 full-time staff, Reuters said.

The report comes just days after DIB secured necessary approvals from the relevant regulatory authorities to complete its acquisition of Noor Bank.

The acquisition, which will see Noor operations completely integrated into DIB, creates one of the largest Islamic banks in the world with total assets exceeding $75 billion.

The deal is part of a wave of mergers in the UAE and wider Gulf banking sector.

Reuters said an integration process has been under way in recent weeks, in which team bosses have sat down with their counterparts to discuss who to keep.

Speaking last month, Mohammed Ibrahim Al Shaibani, chairman of Dubai Islamic Bank, described the acquisition as “another remarkable milestone in the journey of DIB and the UAE”.

“The acquisition of Noor Bank is a landmark achievement, establishing DIB as one of the largest Islamic banks in the world and amongst the largest banking entities in the UAE,” Al Shaibani said.

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