Mubasher: GFH Financial Group has raised its stake in Global Banking Corporation (GB Corp) to 50.4% from 28.6% after completing a strategic acquisition for the majority of the corporation's stake.

The acquisition came after the Central Bank of Bahrain had approved to rise GFH's stake in GB Corp to up to 60%, according to a press release on Monday.

Established in Bahrain, GB Corp is a leading investment bank operating in the Arabian Gulf countries and global markets with total assets of $125 million and with total assets under management over $ 500 million as of June 2020.

This acquisition comes in line with the group's objective to grow and benefit from attractive business opportunities to maximise returns to shareholders.

GFH is listed on Bahrain Bourse (BHB), Boursa Kuwait, and the Dubai Financial Market (DFM).