Bahrain: BBK in Talks to Acquire Ithmaar Bank

  • Date: 28-Aug-2020
  • Source: Al Bawaba
  • Sector:Technology
  • Country:Bahrain
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Bahrain: BBK in Talks to Acquire Ithmaar Bank

The acquisition will includes specific assets of IB Capital, a wholly-owned subsidiary of Ithmaar Holding, said an Ithmaar statement.

 

The plans, which are subject to shareholder and regulatory approvals, are still in the preliminary discussions phase and subject to the completion of due diligence by both parties, it said.

 

When implemented, the acquisitions will significantly expand BBK's already large operations in Bahrain and add a turn-key, full-service Islamic banking solution, while also bolstering the already well-established Ithmaar Bank brand and position it to better capitalise on opportunities for growth.

 

Details of the plans will be announced in due course, following necessary approvals, the statement said.

 

The chairmen of both institutions issued a statement welcoming the announcement.

 

"BBK has long played a key leadership role in the Kingdom of Bahrain's banking and financial services industry,“ said