DIB expands in Indonesia

May 22, 2014 1:33 am

Dubai Islamic Bank (DIB) has announced it is to acquire a 25% stake in Indonesia’s PT Bank Panin Syariah Tbk, the Islamic banking arm of PT Bank Panin, as part of the lender’s overseas expansion strategy, Bloomberg has reported. The Shari’ah-compliant lender plans to increase its stake in the bank to 40% once it has obtained regulatory approval for the deal from the Financial Services Authority in Indonesia. Under the terms of the deal, DIB will jointly operate Bank Panin Syariah (PNBS) with PT Bank Panin.