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Al Salam Bank – Bahrain inks MoU on potential acquisition of assets from Ithmaar

Al Salam Bank – Bahrain inks MoU on potential acquisition of assets from Ithmaar
The potential acquisition will be subject to necessary consents
Al Salam Bank
SALAM
0.00% 0.09 0.00
Al Salam International
SIIS
0.11% 0.89 0.00
Ithmaar Holding
ITHMR
9.23% 0.07 0.01

Mubasher: Al Salam Bank – Bahrain has signed a Memorandum of Understanding (MoU) to start discussions with Ithmaar Holding for a potential acquisition of a group of assets from Ithmaar.

The potential acquisition will be subject to the completion of successful due diligence and all necessary regulatory and corporate consents, according to a recent press release.

The Chairman of Al Salam Bank – Bahrain, Sheikh Khalid bin Mustahil Al Mashani, said: "Further cementing Al Salam Bank’s position as a leading financial institution in Bahrain, these discussions are earmarked to supplement the recently approved three-year strategy, accelerate Al Salam Bank’s growth trajectory, and further enhance our market positioning."

Meanwhile, the Chairman of Ithmaar Holding, Amr Al Faisal, commented: "Ithmaar Holding holds a well-diversified portfolio of financial assets which includes retail banking businesses in Bahrain and Pakistan, major Takaful operations and significant real estate assets."