Dubai Islamic Bank sells stake in Jordan bank

04/01/2017 Argaam

Dubai Islamic Bank (DIB), the largest shariah-compliant bank in the United Arab Emirates, on Wednesday said that its holding company in Jordan, MESC Investment, has sold its stake in Jordan Dubai Islamic Bank (JDIB).

 

DIB held a 20.8 percent in JDIB (through MESC, a Jordan-based company in which DIB holds a 40 percent shareholding through its wholly owned subsidiaries, Petra and Levant One), which was bought by Bank Al Etihad and Etihad Islamic Investment Co.

 

PriceWaterhouse Cooper (Dubai) was the financial advisor for the sale and Herbert Smith Freehills LLP was the legal advisor, the bank said in a bourse statement.

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