Dubai Islamic Bank, DIB, on Tuesday said its board considered the potential acquisition of Noor Bank.

"The board allowed the bank to explore possible acquisition of Noor Bank and revert to the board with the findings in three weeks," DIB said in a statement to the Dubai Financial Market.

The board also allowed the bank to appoint financial advisors to conduct due diligence of Noor Bank and to provide opinion on the valuation as well as legal advisors to handle all legal matters.

The statement confirms that the DIB is seriously pursuing a potential acquisition of Noor Bank.