DUBAI, June 9 Dubai Islamic Bank has
completed the acquisition of a 24.9 percent stake in Bank Panin
Syariah and will now seek regulatory approval to
increase its holding in the Indonesian lender to 40 percent, it
said on Monday.
The largest Islamic bank in the United Arab Emirates has
bought 2.42 billion shares in the only listed sharia-compliant
bank in the southeast Asian nation, it said in a stock market
filing. No purchase price was given.
An executive at Bank Panin Syariah's parent firm, Bank Pan
Indonesia, was quoted last week by The Jakarta Post as saying
DIB had purchased 24.9 percent of the bank in mid-May. The
newspaper reported the deal was worth around 251.79 billion
rupiah ($21.4 million).
($1 = 11773.0000 Rupiahs)
(Reporting by David French; Editing by Andrew Torchia)