DUBAI — Emirates Islamic Bank and Dubai Bank are making considerable headway in their initiative to join forces following the successful completion of a merger between two other Dubai banks this year, banking sources said on Sunday.
DUBAI — Emirates Islamic Bank and Dubai Bank are making considerable headway in their initiative to join forces following the successful completion of a merger between two other Dubai banks this year, banking sources said on Sunday.
The two Dubai-based Islamic banks have been holding talks on the possibilities of either a takeover or a merger like the landmark marriage between Emirates Bank International and the National Bank of Dubai to create a banking giant known as Emirates NBD, the sources told Khaleej Times.
However, a spokesman of Emirates NBD, the parent bank of Emirates Islamic Bank, said he could neither confirm or deny the merger move as reported by the Arabic Press.
Another future scenario reportedly figuring in the negotiations is the possible acquisition of the cash-strapped Shariah-compliant mortgage company Amlak Finance by the newly merged Islamic banking entity, banking sources said.
“As both Dubai Bank and Amlak face liquidity issues, a merger or takeover is an inevitable reality. [The] sooner, the better,” a banking source, who wants to remain unidentified, said.
Khaleejtimes
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