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Emirates Islamic Bank May Buy Dubai Bank, Amlak- Report - ASHARQ AL-AWSAT English Archive
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DUBAI, (Reuters) – Emirates Islamic Bank, an affiliate of Emirates NBD, is in talks to acquire Dubai Bank and follow it up with a purchase of troubled Islamic lender Amlak, according to a newspaper report on Sunday.

Arabic language daily al Ittihad, citing an unnamed industry source, said the talks are at an initial stage.

Last week, Amlak’s long-touted plan to merge with rival Islamic lender Tamweel was scuppered after Dubai Islamic Bank raised its stake in Tamweel.

The two firms have not traded since November 2008 when the United Arab Emirates government stepped in to restructure them.

Dubai Bank is part of Dubai Group, itself a unit of Dubai Holding which is owned by the ruler of Dubai.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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