Fitch ups Noor Bank

Fitch Ratings said it affirmed Dubai Islamic Bank's long-term issuer default rating at A and upgraded Noor Bank's long-term IDR to A from A- after it was acquired by Dubai Islamic.

Dubai Islamic’s acquisition of Noor was executed on Jan. 22 in the form of a share swap, with Noor becoming a fully owned subsidiary of Dubai Islamic. The government of Dubai directly owns about 26% of Dubai Islamic's shares following the Noor acquisition.

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