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Bank of Bahrain and Kuwait considers acquiring Ithmaar Bank

Bank of Bahrain and Kuwait considers acquiring Ithmaar Bank
The acquisition is subject to the approvals of shareholders
Ithmaar Holding
ITHMR
-8.33% 0.03 -0.00

Mubasher: The Bahrain-based Ithmaar Holding, listed on the Dubai Financial Market (DFM), Boursa Kuwait, and Bahrain Bourse, has held initial talks about the plan of Bank of Bahrain and Kuwait (BBK) to acquire its wholly-owned subsidiary, Ithmaar Bank.

The BBK's potential acquisition of Ithmaar Bank also includes specific assets of IB Capital, a wholly-owned subsidiary of Ithmaar, according to the company's disclosure to Bahrain Bourse on Wednesday. 

This plan will help the Bahraini commercial bank to expand its operations in Bahrain and full-service Islamic banking solutions.

The acquisition is subject to the approvals of shareholders and regulatory authorities.

BBK Chairman, Murad Ali Murad, said: "BBK has been exploring opportunities to expand its activities and diversify its offerings, particularly in Sharia-compliant banking businesses."

Ithmaar Holding Chairman, Prince Amr Al Faisal, noted: "This transaction is in line with Ithmaar Holding’s strategy of creating value for its shareholders, and we look forward to exploring this possible opportunity further."

It is noteworthy to mention that in the first half (H1) of 2020, Ithmaar Holding reported net losses attributable to the equity holders of $1.29 million, against net profits of $8.37 million in the same period of 2019.