Dubai Islamic Bank PJSC : DIB gets regulatory approval to increase its shareholding in Bank Panin Syariah to 40%

DIB gets regulatory approval to increase its shareholding in Bank Panin Syariah to 40%

Dubai Islamic Bank PJSC ('DIB') wishes to announce that after completing the first phase of accumulating shares in PT Bank Panin Syariah Tbk ('Bank Panin Syariah'), a listed Syariah commercial bank in Indonesia, the bank has now received formal approval from the Financial Services Authority, Indonesia ('OJK') to increase its shareholding in Bank Panin Syariah as part of the overall investment strategy in Indonesia.

Earlier in Phase 1, DIB had completed the acquisition of around 25% stake in Bank Panin Syariah, procuring the entity's shares from the market and not through a direct share purchase from Panin Bank as earlier reported in certain sections of the press.

Upon completion of Phase 1, DIB initiated a formal regulatory approval process to obtain 'Controlling Shareholder Status' from the Financial Services Authority ('OJK'). After being granted this approval from the OJK, DIB is now in a position to initiate and complete phase 2 of the share purchase plan which seeks to increase its shareholding to 40%.

'Islamic banking in Indonesia has huge potential which still remains largely unexploited', said Dr. Adnan Chilwan, Group CEO, DIB. 'Given Bank Panin Syariah's knowledge of local market and DIB's undisputed expertise in this fast growing segment, we see a massive opportunity for growth and expansion transforming what today is seen as a niche business into a more widely accepted form of banking within the country'.

Bank Panin Syariah is currently controlled by PT Bank Panin and operates through a network of 12 branches. The bank is listed on the Indonesia stock exchange.