BBK plans to acquire Ithmaar Bank Bahrain Operations, Ithmaar Holding assets
- Date: 14-Sep-2020
- Source: 24×7 News
- Sector:Financial Services
- Country:Bahrain
BBK plans to acquire Ithmaar Bank Bahrain Operations, Ithmaar Holding assets
MANAMA: The 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, signed a Memorandum of Understanding (MoU) on the
potential acquisition by BBK of Ithmaar Bank's Bahrain operations as well as
specific assets of IB Capital, a wholly-owned subsidiary of Ithmaar Holding.
The MoU, which was signed by
BBK Chief Executive Officer, Dr. AbdulRahman Ali Saif, and Ithmaar Holding
Chief Executive Officer, Ahmed Abdul Rahim, who is also the Ithmaar Bank Chief
Executive Officer, builds on the joint BBK-Ithmaar Holding earlier statement in
August 2020