Dubai Islamic Bank taps HSBC to advise on acquiring smaller rival

A visitor exits the headquarters of Dubai Islamic Bank PJSC, in Dubai, United Arab Emirates, on Thursday, July 29, 2010. Photographer: Matilde Gattoni/Bloomberg

Dubai Islamic Bank PJSC hired HSBC Holdings Plc to advise on its possible acquisition of smaller rival Noor Bank PJSC, according to people with knowledge of the matter.

Noor Bank is working with Barclays Plc on the deal, the people said, asking not to be identified because the discussions are private. An acquisition would create a lender with 278 billion dirhams ($76 billion) in assets.

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