COVID-19 Response and Financial Performance
Acquisition of Noor Bank - key milestones
From a pioneering Islamic bank to becoming a powerhouse in Islamic finance
APRIL
BOD approval to
consider
acquisition of
Noor Bank
DECEMBER
SEPTEMBER
Central Bank of
UAE approval
on acquisition
of Noor Bank
General
Assembly
approved the
acquisition
بنك دبي الإسلامي
Dubai Islamic Bank
MARCH
Integration
Management Office
constituted to drive
integration
MAY & JUNE
Entered execution phase of the
Integration and completed key
deliverables on policies and operating
model. Data migration in progress.
2019
Q2
Q3
Q4
2020
Q1
Q2
92
Q3
JUNE
BOD resolved to
recommend the
acquisition
Key Highlights
NOVEMBER
SCA approval to
hold General
Assembly
JANUARY
Share transfer completed;
Board of Directors of Noor
Bank reconstituted;
Integration Steering
Committee established
APRIL
Integration program
underway, with COVID-19
risks addressed (work-
from-home, virtual
conferencing, etc.)
JULY-SEPTEMBER
Continued execution phase
of the Integration and
completed key deliverables
in technology platforms'
integration. On track for
completion in 4Q
The integration program is on track with all key milestones met. The Bank continues to adhere to the established operational governance and
oversight structure for the integration.
The Bank has made significant progress in terms of its technology platforms' integration. It has successfully completed Data Migration Rehearsals,
System Integrated Testing, Value Chain Testing cycles and Performance Testing.
The Bank has initiated the Customer Communications process on account of the integration, in line with the Central Bank requirements. The Bank also
initiated dispatch of Welcome letters with new DIB Cards to Noor Bank Debit and Credit Card customers.
✓ Onboarding of Noor Bank new to Bank customers stopped from 15th September 2020 and is now being shifted to DIB.
✓ Continued execution of Non-technology Projects, including collateral and property migration.
✓ Targeted for completion in 4Q.
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