Emirates Islamic Bank has received formal notification from Emirates NBD regarding a mandatory acquisition of all remaining shares held by shareholders who did not accept the original takeover offer, the bank announced on June 9.

Emirates Islamic Bank said in a statement on the Dubai Financial Market that it received notice from Emirates NBD about the mandatory acquisition of all Emirates Islamic Bank shares held by shareholders who rejected the takeover offer according to terms outlined in the offer document dated February 27, 2025, to achieve 100% ownership of total share capital.

The bank said it will issue instructions to the market to suspend trading of its shares from Tuesday, June 10, with all remaining shares not previously owned by Emirates NBD to be re-registered in the bank's name in the Emirates Islamic Bank share register on June 13.

Emirates NBD will settle any cash consideration due to remaining Emirates Islamic Bank shareholders through relevant payment methods as registered with Dubai Clear at the Dubai Financial Market by Emirates Islamic Bank shareholders, according to Sky News Arabia on June 9.

The mandatory takeover follows Emirates NBD's initial acquisition offer launched earlier this year as part of efforts to fully consolidate Emirates Islamic Bank, one of the UAE's leading Islamic banking institutions.

Emirates NBD, the UAE's largest bank by assets, has been expanding its Islamic banking operations through Emirates Islamic Bank, which operates as its Sharia-compliant subsidiary serving customers across the region.