The Chief Executive Officer of Noor Bank announced his resignation last month/Bloomberg
by Kudakwashe MuzoriwaDubai Islamic Bank (DIB) is expected to start a sweeping round of job cuts with planned more than 500 dismissals at newly acquired Noor Bank as part of cost cuts across both lenders.
In September 2019, Fitch Ratings warned that a weakening property market in the UAE and a global slowdown is likely to put more pressure on the asset quality of the banking sector.
DIB, the largest Shari’ah compliant lender in the UAE, has more than 9,000 employees, while Noor Bank has between 1,200 and 1,400 full-time staff.
The final numbers on the job losses will emerge after completion of interviews between Dubai Islamic Bank managers and Noor Bank staff.
DIB completed its acquisition of Shari’ah-compliant Noor Bank in January 2020 in a deal that will make DIB one of the world's largest Islamic banks, with total assets worth AED 275 billion ($75 billion).
Reuters reported that an integration process has been under way in recent weeks, in which team bosses have sat down with their counterparts to discuss who to keep.
John Iossifidis, the CEO of Noor Bank announced his resignation last month.
Job cuts will be on both sides but DIB is the buying side so job losses are expected to be more on Noor side.
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CPI Financial was established in Dubai in 1999 to meet the needs of an ever-expanding financial community, offering a comprehensive portfolio of market-leading products and services tailor-made for the banking and financial services sectors.
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