Shareholders Okay Emirates NBD to Buy Emirates Islamic Bank

Decks have been cleared for the Emirates NBD Bank (ENBD) to acquire 100% ownership of the Emirates Islamic Bank (EIB) as neither of them received any objection to the proposal, as announced on 8 April 2025, from the shareholders.

According to data available with the Dubai Financial Market (DFM), Emirates NBD already owns 99.89% of shares in EIB. The remaining 0.1% of shares will now be acquired at $3.25 per share, totalling $19 million.

Upon completion of the transaction after receiving all regulatory approvals, the EIB’s shares will be delisted from DFM. Emirates NBD plans to maintain EIB’s commercial registration and trade name, ensuring the bank continues its operations without interruption.

In a regulatory disclosure with DFM on Monday, Dr Ahmed Alkhalfawi, Head of Legal at Emirates Islamic Bank, said that they received a notification from Emirates NBD with regards to the mandatory cash offer to acquire all shares in EIB held by EIB shareholders.

“The shareholders who have not accepted Emirates NBD’s offer in accordance with the terms of the offer document dated 27 February 2025 in order to attain 100% ownership of the entire issued and paid-up share capital of EIB, were informed that the notice period for mandatory acquisition ended on 7 June 2025 and as of today (9 June 2025), neither EIB nor ENBD has received any objection to the deal,” Dr Alkhalfawi said.

Suspension of Trading

Accordingly, EIB will instruct the DFM to suspend trading of its shares with effect from tomorrow (10 June 2025 and all remaining EIB shares (not already held by ENBD) will be re-registered in the name of ENBD in EIB’s share register on or around 13 June 2025, he said.

ENBD will settle any cash consideration due to those remaining EIB shareholders through the relevant payment method as registered with Dubai CSD at DFM by such EIB shareholders, he said.

Shareholders who did not opt for a payment method with the Dubai CSD are requested to contact Dubai CSD to update their payment information and receive their cash considerations within six months of the date of this notice.

After the lapse of this period, EIB shareholders will need to contact ENBD directly to receive their cash consideration, he added.

EIB reported a record profit before tax of $840 million in 2024, up by 46% compared with the previous year.