Dubai Bank, a unit of Dubai Banking Group, plans to expand its global operations through acquisitions and a $5 billion financing program, over the next five years, reported media sources, citing Reuters.

Ahmed El Shall, CFO of the bank, said that the bank plans to expand its presence in Asia, Africa and other Gulf Cooperation Council countries by 2011.

The bank also plans to expand its services in the sukuk market and syndicated loan products, as part of its strategy to contend with other Islamic banks.

Mr Shall said: It will be a combination of organic and acquisition (based) growth. There are negotiations for joint ventures with certain countries whereby the target is to make sure we have control of an existing business.