Dubai-listed Ithmaar Holding has announced that its advisors have started preparations for the potential sale of the Bahrain operations of its banking unit.
Bank of Bahrain and Kuwait (BBK), one of the largest commercial banks in Bahrain, has entered into talks with Ithmaar Holding to acquire the Bahrain operations of Ithmaar Bank.
In a filing to Dubai Financial Market, Ithmaar Holding said it has “started working through its financial and legal advisors on the initial preparations that are necessary for the potential acquisition”.
It did not give a timeline for the completion of the proposed acquisition.
BBK operates the largest Islamic retail banking network in Bahrain. The acquisition also includes specific assets of IB Capital, a wholly-owned subsidiary of Ithmaar Holding.
The plans are subject to shareholder and regulatory approvals.
Source:https://www.arabianbusiness.com/banking-finance/457415-ithmaar-advisors-start-work-on-sale-of-bahrain-banking-ops-to-bbk