Al Baraka seeks replacement of its wholesale banking business to category 1 Investment Firm
- Date: 20-Sep-2020
- Source: 24×7 News
- Sector:Financial Services
- Country:Bahrain
Al Baraka seeks replacement of its wholesale banking business to category 1 Investment Firm
Manama: The Board of Directors
of Al Baraka Banking Group B.S.C. (ABG / the Group) resolved to initiate the
process of converting the current license of its parent company in Bahrain from
a wholesale bank to a category 1 investment firm, subject to regulatory and
shareholders' approvals.
The step is in line with its
future strategy and business model and to benefit from the regulatory framework
of the Central Bank of Bahrain (CBB) for wholesale banks and investment firms, Upon
receiving the new license, the Group shall continue to be supervised by the
Central Bank of Bahrain.
The Group's banking
subsidiaries, including Al Baraka Islamic Bank, Bahrain, will