Written by: Amr Fouad

Bahrain – Mubasher: BMI Bank will shift its banking activities to become an Islamic bank by the end of December 2014, sources told Mubasher. This comes as part of the merger process with Al Salam Bank-Bahrain (ASBB).

ASBB and BMI Bank had completed the procedures for their merger following an approval from both banks’ shareholders on November 2, 2014. The merger is to be carried out through a share swap at 11 share of ASBB against one share of BMI Bank, registering 643.866,927 shares of ASBB.

BMI Bank will see changes in its Board of Directors in the coming few days, sources told Mubasher, adding that the changes will include senior board management.

BMI Bank had reported a loss of BHD 5.7 million during the first nine months of the year, against a profit of BHD 0.88 million during the same period in 2013. Q3-14 losses amounted to BHD 2.59 million.

Translated by: Nada Adel Sobhi

Photo Credit: Arabianeye-Reuters