DUBAI: Dubai Islamic Bank (DIB) has completed the
purchase of a 24.9 percent stake in Indonesia’s Bank Panin Syariah from its parent firm, an executive at Bank Pan Indonesia was quoted as saying yesterday.
Dubai Islamic Bank, the
largest Islamic bank in the United Arab Emirates, said last month that it was in talks to buy 24.9 percent of Indonesia’s only listed shariah-compliant lender, which it would jointly manage and operate with Bank Pan Indonesia.
In two separate statements to the Indonesian stock exchange, Bank Panin Indonesia said
an unidentified buyer had acquired 10 percent of the Islamic unit on May 21 and 13.5 percent on May 22.
No purchase price was given in the filings.
However, Roosniati Salihin, vice president of Bank Panin Indonesia, told The Jakarta Post that the buyer was the Dubai-based bank.
“The agreement (with Dubai Islamic Bank) was made official about two weeks ago,” Salihin was quoted as saying.
“Now Dubai Islamic Bank controls a 24.9 percent stake in Bank Panin Syariah, while Panin remains the majority shareholder with 64.01 percent,” she added.
The deal was said to be worth 251.79bn rupiah ($21.2m), the newspaper wrote.
Dubai Islamic Bank didn’t immediately respond to a request for comment.
Reuters
