Dubai Islamic Bank Agrees to Buy Noor Bank in All-Share Deal (1)

Dubai Islamic Bank PJSC agreed to buy Noor Bank PJSC in an all-share deal that potentially values the transaction at about $940 million.

The bank plans to offer one new DIB share for every 5.49 Noor Bank shares, according to a statement on Monday. The United Arab Emirates’ biggest Islamic lender will hold a shareholders meeting on Dec. 17 to approve the decision. The deal would create a lender with about $75 billion in assets.

The Middle East’s banking industry is witnessing a wave of consolidation as lenders seek ways to improve competitiveness and boost capital amid slowing economic growth. ...