28 May '11, 9am

#Dubai's Noor Islamic Bank denies merger plans

DUBAI, May 28 (Reuters) - Dubai's Noor Islamic Bank has no plans to merge with any other financial institution, the chairman of the emirate's Supreme Fiscal Committee said on Saturday. "There were never any plans to merge Noor Islamic Bank with, or have it absorbed by, any other financial institution. These were nothing but unfounded market rumours," Sheikh Ahmed bin Saeed al-Maktoum, who is also chairman of Noor Islamic Bank, said in a statement. Noor Islamic Bank had been touted as a possible candidate to absorb troubled Islamic lender Dubai Bank, which was recently taken over by the Gulf emirate's government. [ID:nLDE74F0LN] Noor's chief executive Hussain al-Qemzi had previously denied that the lender was considering a merger but market speculation persisted after the Dubai government said it would consider merging Dubai Bank with another state-owned financial instituti...

Full article: http://sg.news.yahoo.com/dubais-noor-islamic-bank-denies-...

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