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Tue 17 Sep 2013 02:14 PM

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Europe's biggest Islamic bank to list on Nasdaq Dubai

Move by the Bank of London & The Middle East is part of plan to beef up presence in Dubai

Europe's biggest Islamic bank to list on Nasdaq Dubai

The Bank of London & The Middle East, the largest Islamic bank in Europe, has revealed plans to list on the Nasdaq Dubai stock exchange in October, it was reported on Tuesday.

The bank will become the first company to join the bourse in more than four years, Bloomberg reported.

It said the bank expects to price the shares at $2.57 apiece, giving it an implied market value of about $503m, quoting chief financial officer Richard Williams.

Existing shareholders, most of which are based in Kuwait, will swap their shares for those in a new listed entity, BLME Holdings, with no new capital being raised, he told Bloomberg.

The bank’s plans come as Dubai’s economy recovers and its stocks rebound from the global credit crisis. The DFM General Index has climbed 64 percent this year, more than any of the 50 largest equity markets, according to data compiled by Bloomberg.

In May, the bank said it was targeting 15 percent growth in assets this year, with plans for a Dubai office to help boost its capital markets and wealth management offerings.

BLME plans to have a presence in the emirate's offshore financial district later this year to attract regional business from countries such as Qatar and Saudi Arabia, chief executive Humphrey Percy told Reuters.

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