DUBAI Oct 17 Noor Islamic Bank has no plans to
merge with another financial institution, it said in a statement
on Sunday, dismissing speculation it may tie up with troubled
Islamic lender Amlak AMLK.DU
A newspaper report last week said the UAE government was
considering merging privately-held Noor Islamic with Emirates
Islamic Bank -- an affiliate of Emirates NBD ENBD.DU -- and
Dubai Bank. The combined entity would then purchase Amlak
"Noor Islamic Bank categorically denies the market rumours
about any potential acquisition of, or merger with any financial
institution," Noor Islamic said in a statement.
Amlak's fate has been in question since the long-touted plan
for it to merge with rival Islamic lender Tamweel TAML.DU was
scuppered after Dubai Islamic Bank DISB.DU raised its stake in
Tamweel in September [ID:nLDE6310AG]
The two firms have not traded since November 2008 when the
United Arab Emirates government stepped in to restructure them.
Media reports have circulated in recent days that Emirates
Islamic Bank is in talks to buy Dubai Bank and then purchase
Dubai Bank is part of Dubai Group, itself a unit of Dubai
Holding which is owned by the ruler of Dubai. Noor Islamic Bank
is 25 percent owned by Dubai Investment Group, the investments
arm of Dubai Holding.
(Reporting by Shaheen Pasha; Editing by Amran Abocar)