Emirates NBD, Dubai’s largest bank by assets, has announced plans to delist Emirates Islamic Bank (EIB) from the Dubai Financial Market (DFM) after acquiring 100% of the sharia-compliant lender.
Emirates NBD made a mandatory cash offer to purchase the remaining 0.11% of EIB’s shares, amounting to AED70 million ($19 million), at a price of AED11.95 ($3.25) per share. With this acquisition, Emirates NBD now owns 100% of EIB, which has over 5.4 billion ordinary shares. Prior to this transaction, Emirates NBD already held 99.89% of EIB.
The offer will close on March 27, subject to certain conditions being met. Emirates NBD confirmed that it intends to retain EIB’s commercial registration and trade name, ensuring that the bank will continue to operate as usual. The cessation of any operations is not part of the plan.
As per the DFM’s regulations, foreign ownership of EIB shares is not permitted.
EIB shares closed at AED11.95 on Monday, with the bank’s market capitalization reaching AED69 billion as of February 24, 2025.
