Dubai Financial Group (DFG) has completed the acquisition of 60 per cent of Taib Bank’s shares.

DFG is the financial holding company of Dubai Group, a member of Dubai Holding.
 
As part of the transaction Taib’s board of directors has been reconstituted and executive chairman of Dubai Group Soud Ba’alawy has been elected as chairman. Iqbal G Mamdani will continue to be the vice-chairman, said an official spokesman.

In all, five distinguished professionals have been newly appointed to Taib’s board by DFG. The new board will have four other directors from Taib’s previous board, thus providing continuity from the point of view of corporate governance.

“This is yet another strategic investment for the UAE as it capitalises on the growth of the region’s banking industry. This comes at the right time as the economies of both UAE and Bahrain rapidly diversify and contribute to positioning the GCC region as a global financial powerhouse,” said chairman, Dubai Holding, Mohammed Al Gergawi.

“We are proud to be a major shareholder of Tiab Bank. We regard this transaction as very significant for Dubai Group. Our combined expertise and talent will pave the way for further expansion and growth and hence more value for our shareholders,” said Ba’alawy.

“As Dubai Group, we are confident not only to create new opportunities for TAIB in Bahrain and Dubai, but also to leverage TAIB’s traditional focus markets of the GCC, India, Kazakhstan, Turkey and the MENA region,” he dded.

“Our investments target long-term high growth opportunities in both private and public companies. We believe that our partnership with Taib Bank is another proven success and will enrich our portfolio of acquisitions as we look forward to more businesses that are fruitful,” said CEO, DFG, Sayanta Basu. – TradeArabia News Service