JEDDAH, 28 July 2005 — The Dubai Islamic Bank (DIB) announced that it has signed an agreement with the government of Sudan to acquire 60 percent of its stake in Al-Khartoum Bank. Prior to this agreement, the government of Sudan owned 99 percent of the bank’s total shares and Sudanese investors owned the remaining one per cent.
The agreement was signed at the Sudanese capital Al-Khartoum, between Dr. Sabir Mohammed Hassan, representative of the government of Sudan and chairman of its Central Bank and Aref Kooheji, DIB’s executive vice president for Investment and Corporate Banking.
According to the agreement, DIB will own the majority of shares in Al-Khartoum Bank, Sudan’s first bank, established in 1913. DIB will now take responsibility for all operations and development of Al-Khartoum Bank, with a view to offer the best banking services in Sudan.
