BBK and Ithmaar Holding to discuss acquisition plans

BBK and Ithmaar Holding to discuss acquisition plans

BBK Chairman Murad Ali Murad and Prince Amr Al Faisal, Ithmaar Holding Chairman Bank of Bahrain and Kuwait (BBK), one of the largest commercial banks in Bahrain, and Ithmaar Holding, the parent of Ithmaar Bank, which operates the largest Islamic retail banking network in Bahrain, have entered into initial talks with regards to exploring a potential acquisition by BBK of Bahrain operations of Ithmaar Bank. The acquisition also includes specific assets of IB Capital, a wholly-owned subsidiary of Ithmaar Holding. 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. When implemented, the plans will significantly expand BBK's already large operations in Bahrain and add a turn-key, full-service Islamic banking solution,