Dubai Islamic Bank PJSC (“DIB”) wishes to announce that they have completed their first phase of accumulating shares in PT Bank Panin Syariah Tbk (“Bank Panin Syariah”), a listed Syariah commercial bank in Indonesia.
As per the envisaged plan, announced through an earlier press release on May 19, 2014, DIB has completed the acquisition of 24.9% shares in Bank Panin Syariah by acquiring 2,427,750,000 shares.
Upon completion of this Phase 1 of the acquisition, DIB will initiate formal regulatory approval process to obtain “Significant Shareholder Status” from the Financial Services Authority (“OJK”). Upon being granted this approval from the OJK, DIB will complete phase 2 of the share purchase plan and will increase its stake in Bank Panin Syariah to upto 40%.
Bank Panin Syariah offers Islamic banking services in Indonesia. DIB intends to cooperate with Bank Panin in order to promote the growth of Sharia banking in Indonesia. To achieve this, DIB will provide its well-established expertise in Islamic banking operations to Bank Panin Syariah, which will be bolstered by Bank Panin’s knowledge of the local market.
Bank Panin Syariah is currently controlled by PT Bank Panin and currently operates through a network of 10 branches (with its head office located at Panin Life Center Building, Jakarta). The bank is listed on the Indonesia stock exchange.
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