Rumours of a merger between Noor Islamic Bank and another UAE financial institution have been put to rest after a statement issued by Noor Investment Group’s chairman Sheikh Ahmed bin Saeed al-Maktoum.

“There were never any plans to merge Noor Islamic Bank with, or have it absorbed by, any other financial institution. These were nothing but unfounded market rumours,” he said.

Noor Investment Group is part-owned by the Investment Corporation of Dubai, which owns a 55 per cent stake in Emirates NBD and a 30 per cent stake in Dubai Islamic Bank.