Al Salam Bank-Bahrain, Ithmaar Holding hold acquisition talks

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

Al Salam Bank-Bahrain has signed a memorandum of understanding and entered into discussions with Ithmaar Holding, the parent of Ithmaar Bank, for the

potential acquisition by Al Salam Bank of a group of assets from Ithmaar Holding’s group of companies.

Al Salam Bank said it 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 of assets 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, the statement said.

Shaikh Khalid bin Mustahil Al Mashani, the Chairman of Al Salam Bank – Bahrain, 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.”

HRH Prince Amr Al Faisal, the Chairman of Ithmaar Holding said, “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,” Prince Amr Al Faisal added.