Dubai: A Dubai-based lender is on the verge of acquiring banks in the GCC and Europe.
Royal Investment Bank Limited, located in the Dubai International Financial Centre, said it had been named as the arranging and advisory bank for the acquisitions, adding that specific details were confidential.
The bank said in a statement that it was looking to finalise a majority shares acquisition of $100 million (Dh367 million) of a "highly reputable" bank in a GCC country and a 100 per cent acquisition worth €50 million (Dh235 million) of a "well-known" financial centre in Europe.
"The names are confidential at present as we are seeking final approval from the concerned central banks," said Mohammad Ahmadi, the founder and CEO of Royal Investment Bank.
"We will become the major shareholder of the GCC bank while also acquiring full control of the European bank. We have been in discussions over both acquisitions since last year. Both banks are not struggling at all; the acquisitions are purely on a commercial basis."
