Emirates NBD has initiated a mandatory cash offer to acquire the remaining 0.11% stake in Emirates Islamic Bank (EIB) at Dh11.95 per share, totalling approximately Dh69.8 million.
Currently holding 99.89% of EIB’s shares, Emirates NBD’s acquisition will result in full ownership of the Islamic lender.
Upon completion, EIB’s shares will be delisted from the Dubai Financial Market (DFM).
Emirates NBD plans to maintain EIB’s commercial registration and trade name, ensuring the bank continues its operations without interruption.
The offer is subject to regulatory approvals and is expected to close on March 27, 2025.
This move aligns with Emirates NBD’s strategy to streamline its operations and strengthen its position in the Islamic banking sector.
EIB reported a record profit before tax of Dh3.1 billion in 2024, marking a 46% increase compared to the previous year.
The acquisition reflects Emirates NBD’s confidence in EIB’s performance and its commitment to expanding its Islamic banking services.
Shareholders of EIB are advised to review the terms of the offer and consider the implications of the delisting from DFM.
The transaction is expected to enhance Emirates NBD’s service offerings and contribute to the growth of the UAE’s banking sector.
