Dubai Islamic Bank has completed the acquisition of a 24.9 percent stake in Bank Panin Syariah and will now seek regulatory approval to increase its holding in the Indonesian lender to 40 percent, it said on Monday.
The largest Islamic bank in the UAE has bought 2.42 billion shares in the only listed sharia-compliant bank in the southeast Asian nation, it said in a stock market filing. No purchase price was given.
An executive at Bank Panin Syariah’s parent firm, Bank Pan Indonesia, was quoted last week by The Jakarta Post as saying DIB had purchased 24.9 percent of the bank in mid-May.
The newspaper reported the deal was worth around 251.79 billion rupiah ($21.4 million).
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