Abu Dhabi’s largest Islamic bank, ADIB, has denied that it’s in talks to buy a minority stake in Indonesia’s top Islamic lender.

A report from Reuters on Tuesday said that ADIB had valued Indonesia’s top Islamic lender, Bank Syariah Indonesia (BSI), at $1.1bn and that it was potentially looking to acquire a “15 per cent stake” in BSI.

However, ADIB has denied the Reuters report in a statement on Wednesday.

“In response to recent speculations in the media suggesting Abu Dhabi Islamic Bank PJSC (ADIB) having an interest in acquiring an Indonesian financial institution (Bank Syariah Indonesia), ADIB strongly denies such reports of being in any negotiations to acquire a stake in such entity,” said ADIB.

*This article has been updated after Gulf Business originally published the Reuters article.