MANAMA, BAHRAIN: Al Salam Bank-Bahrain has signed a memorandum of understanding and entered into discussions with Ithmaar Holding to acquire a group of assets from Ithmaar Holding’s group of companies, a bourse filing said on Sunday.
Al Salam Bank is keen to maintain its growth trajectory and these discussions with Ithmaar Holding on a potential group of assets would complement Al Salam Bank’s existing business lines. The potential acquisition will be subject to the completion of successful due diligence, the agreement of terms between both parties, and the receipt of all necessary regulatory and corporate consents.
H.E. Shaikh Khalid bin Mustahil Al Mashani, the Chairman of Al Salam Bank – Bahrain, said, “Al Salam Bank has a robust track record in the M&A space evidenced by the successful acquisition and integration of Bahrain Saudi Bank in 2009 and BMI Bank in 2014. As part of our continuous efforts to explore expansion venues, Al Salam Bank is pleased to announce the signing of a memorandum of understanding and the commencement of discussions with Ithmaar Holding, a banking peer in Bahrain who has a rich history spanning almost four decades.
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.”
HRH Prince Amr Al Faisal, the Chairman of Ithmaar Holding said, “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. The discussions with Al Salam Bank are in line with Ithmaar Holding’s long-standing strategy of creating value for its shareholders, and we are pleased to sign this memorandum of understanding.
This potential transaction will have a significant positive impact on Bahrain’s national economy and reinforce the Kingdom’s position as a key regional Islamic banking hub.”
Al Salam Bank is a leading regional Islamic bank headquartered in the Kingdom of Bahrain and is licensed and regulated by the Central Bank of Bahrain. It offers a comprehensive range of innovative and unique Shari’a-compliant financial products and services through its extended network of branches and ATMs utilizing the state-of-art technology to meet various banking requirements.
In addition to its retail banking services, the Bank also offers corporate banking, private banking, and investment as well as treasury services.
Ithmaar Holding B.S.C. is licensed as an investment firm and regulated by the Central Bank of Bahrain (CBB) and is listed on the Bahrain Bourse and Dubai Financial Market.