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ADIB denies stake purchase talks in Indonesian lender

'ADIB strongly denies being in any negotiations to acquire a stake in Bank Syariah Indonesia,' the bank said Wam
'ADIB strongly denies being in any negotiations to acquire a stake in Bank Syariah Indonesia,' the bank said

Abu Dhabi Islamic Bank (ADIB) has denied holding talks with Indonesia’s largest Islamic lender to acquire a minority stake for just over $1 billion.

“ADIB strongly denies being in any negotiations to acquire a stake in Bank Syariah Indonesia,” the emirate’s largest Islamic lender said in a statement published on the Abu Dhabi bourse on Wednesday.

Reuters claimed two sources had told it the Abu Dhabi bank intends to acquire a 15 percent stake in Bank Syariah Indonesia from Bank Rakyat Indonesia, the Asian country’s second-biggest bank.

The news outlet said talks are in the early stages.

ADIB shares closed 5.7 percent lower at AED10.92 ($2.97) on Wednesday.

In the 2023 annual report, ADIB Chairman Jawaan Al Khaili said that the bank’s strong balance sheet, capital levels and liquidity will position it well to capture new opportunities.

“We will continue to identify new growth areas and invest our resources to deliver sustainable shareholder returns and pursue our growth and transformation plans,” he said.

The lender’s 2023 net profit rose 45 percent year on year to a new high of AED5.3 billion, driven by 36 percent revenue growth to nearly AED10 billion due to an increase in transaction volumes and improved margins.

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