Dubai Islamic Bank, the UAE’s largest Islamic lender, said on Wednesday its board of directors has approved a proposal to acquire 25% stake in a new digital banking group in Turkey in line with its international expansion strategy.

The Dubai Financial Market-listed lender in a regulatory statement on Wednesday neither named the digital bank nor indicated a value for the acquisition. The acquisition is subject to regulatory approvals, it said.

Last month, DIB posted a 12% jump year-on-year (YoY) in its Q1 2023 net profit to 1.5 billion dirhams ($408 million), driven by higher revenues and lower impairments.