Al Baraka Group exits stakes in BTI Bank Morocco and Saudi-based Itqan Capital

TDT | Manama                         

The Daily Tribune – www.newsofbahrain.com   

Al Baraka Group B.S.C. yesterday announced that it has reached separate agreements to exit from two of its subsidiaries, Bank Al-Tamweel Wa Al-Inma S.A in Morocco (“BTI” or “Bank”) and Itqan Capital, a Saudi Arabia based investment company. 

ABG has agreed to sell its 43.65% stake in BTI to Bank of Africa, the Group’s local partner and the Bank’s majority shareholder. The transaction, which is subject to local regulatory approvals, has received approval from the Central Bank of Bahrain (CBB). 

The Group has also completed the sale of its 83.07% stake in Itqan Capital to a private investor in Saudi Arabia, with the approvals for this transaction already received from both the Saudi Capital Market Authority and the General Authority for Competition as well as the CBB. 

Commenting, Houssem Ben Haj Amor, Group Chief Executive of ABG, stated, “These exits reflect ABG’s strategy to consolidate our resources in order to enhance efficiency and results. By refocusing on core business lines, we look to further strengthen performance and returns for our shareholders.” 

ABG will continue to operate across three continents through its subsidiary banking Units and representative offices. This includes banking operations in Turkey, Algeria, Jordan, Egypt, Tunis, Bahrain, Sudan, South Africa, Pakistan, Lebanon and Germany, in addition to two branches in Iraq and a representative office in Libya.