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.