Dubai Financial disposes of 30.5% stake in Bank Islam to BIMB for $550m

Posted by on Aug 2nd, 2013 and filed under ASIA, Islamic Finance. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.

Dubai Financial Group (DFG) has agreed to divest of its 30.5% stake in Bank Islam to BIMB Holdings in Malaysia, in a deal worth $550m. BIMB Holdings currently owns 49% stake of Bank Islam and the recent acquisition, which completed on 31 July 2013, will enable it to strengthen its banking business in the country. Bank Islam manages a branch network of more than 127 offices. Following DFG's acquisition, the total assets of the lender rose from MYR14.6bn ($ 4.5bn) in 2006 to MYR37.4bn ($11.5bn) by the end of 2012. In June this year, the company divested its credit card operation The Dubai First to Abu Dhabi based First Gulf Bank (FGB) in a deal reached at $164m.

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