Dubai Financial Group acquires 60 per cent stake on Taib Bank (GETTY)
Dubai Financial Group (DFG) yesterday completed the 60 per cent acquisition of Bahrain’s Taib Bank and installed DFG Executive Chairman Soud Ba’alawy as chairman by reconstituting the board.
DFG is the financial holding company for Dubai Group under Dubai Holding.
This is the group’s second bank stake buy in Bahrain after Al Salam Bank, adding the overall bank portfolio to Bank Muscat in Oman, Marfin Popular Bank in Cyprus and Bank Islam in Malaysia, besides Dubai Bank in the UAE.
On November 8, 2007, DFG became the controlling shareholder in Taib Bank.
Iqbal G Mamdani will continue to be the vice-chairman. In all, five professionals have been appointed to Taib’s board by DFG. There will be four other directors from Taib’s previous board.
“This is yet another strategic investment for the UAE. This comes at the right time as the economies of both the UAE and Bahrain rapidly diversify and contribute to positioning the GCC as a global financial powerhouse,” Dubai Holding Chairman Mohammed Al Gergawi said in a statement.
“We regard this transaction as very significant for Dubai Group. 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,” Ba’alawy said.
“DFG’s objective of building long-term value through all of its investments will help Taib grow tremendously,” Mamdani said.
DFG’S CEO Sayanta Basu said: “Our investments target long-term high growth opportunities.”