Dubai Islamic Bank PJSC (DIB) has reached an agreement to acquire a 25% equity stake in Bank Panin Syariah, a Syariah commercial bank in Indonesia.
Under terms of the agreement, DIB will have an option to increase its shareholding up to 40% in the Islamic lender, following concerned regulatory approval, including from the Financial Services Authority (OJK) in Indonesia.
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Upon completion of the transaction, DIB will become a substantial shareholder in Bank Panin Syariah, while Bank Panin will remain as controlling shareholder.
The move by DIB is to increase the growth of Sharia banking in Indonesia, which can be achieved by DIB’s experience in Islamic banking operations and Bank Panin’s knowledge of local market.
Headquartered at Panin Life Center Building, Jakarta, Bank Panin Syariah currently manages a network of ten branches and provides Islamic banking services in the country.
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