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DIB looking at Asian markets for expansion
- United Arab Emirates: Saturday, May 04 - 2013 at 05:40
Dubai Islamic Bank (DIB) has said it is eyeing acquisitions in new markets in Asia, after dealing with much of its balance sheet weakness, Reuters has reported. "Geographically, expansion into Asia makes a lot of sense from where we are placed. One would want to look at Malaysia, Indonesia and maybe India," said deputy CEO, Adnan Chilwan. The bank is also interested in the European markets but won't be active before the dust settles in the euro zone, he said. The lender now expects profits for 2013 to grow by close to 17% after spending the last five years cleaning its books and strengthening its core banking operations, noted Chilwan.
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