Dubai Islamic hires HSBC on acquisition

DUBAI: Dubai Islamic Bank PJSC hired HSBC Holdings

Plc to advise on its possible acquisition of smaller rival Noor Bank PJSC, according to people with knowledge of the matter. Noor Bank was working with Barclays Plc on the deal, said the people. An acquisition would create a lender with 278 billion dirhams (RM316.92 billion) in assets. Dubai Islamic Bank can see “a lot of synergies with an acquisition of Noor”, said chief executive officer Adnan Chilwan last month after Bloomberg reported that the companies had held initial talks.