Noor Bank

Noor Bank rebrands and mulls an IPO

Dubai-based Noor Bank will consider a possible initial public offering of its shares in the medium term, although there is no current need for new capital at the bank. Besides, the bank has announced it was dropping the word “Islamic” from its title after a two-year study of its brand status and positioning. The new name is a major strategic move aimed at underlining its local and international growth ambitions, according to Hussain Al Qemzi, the bank’s chief executive. This rebranding is expected to help the IPO. The rebranding will not affect Noor’s status as a Sharia-compliant financial institution. Mr Al Qemzi said that the bank would continue to look at its traditional areas for expansion: Turkey, the GCC region, and South East Asia.

Syndicate content