Arab Today, arab today 3 islamic banks approve merger in bahrain
Last Updated : GMT 12:19:39
Arab Today, arab today
Arab Today, arab today

3 islamic banks approve merger in Bahrain

Arab Today, arab today

Arab Today, arab today 3 islamic banks approve merger in Bahrain

Manama - QNA

Three Bahrain-based Islamic investment banks - Capivest, Elaf Bank and Capital Management House   have announced their approval to merge, after an extraordinary general meetings of the three banks approved the transaction. The merger will be effective after obtaining the final approval of the Central Bank of Bahrain and the Ministry of Industry and Commerce, a statement said. Once implemented, the newly created entity will have shareholders  equity of almost $350 million and assets in excess of $400 million. The transaction is the first three- way merger to take place in Bahrain. Vice Chairman of Elaf Bank Isa Habib said in comments: \"the aim of this merger is to establish a strong banking institution that is able to compete solidly in a changing market.\" \"The merger will bring instant diversification of assets and revenues. Also, the bank will be able to capture larger projects and will enable it to diversify its capital sources. This is in line with the government of Bahrain\'s efforts to enhance the banking sector and reinforce the Kingdom s position as a regional and international financial hub,\" he added. For his part, Chief Executive Officer of Capivest Mohammed Abdulmalik said that the three banks will gain numerous benefits from the merger; in particular, the merged bank will have a strong balance sheet from day one which will create a positive impact on Bahrian\'s dynamic banking sector. In addition to that, he added, the merger shall enable the new entity to unify its strategy to provide innovative and targeted services to clients. Khalid Najibi, Managing Director of Capital Management House, said \"the three banks have significant cumulative experience in financial services and each have particular niche strengths which when combined makes the whole greater than the sum of its parts. This fusion of competitive advantages in various markets makes us all excited and motivated to complete this merger and will work in the near future to announce the new brand identity of the bank which will reflect our client focus and future vision. We look forward to working side by side to achieve our shared goals.\" The three banks, Capivest, Elaf Bank and Capital Management House were advised by Kuwait Finance House Bahrain as the transaction adviser, Trowers and Hamlins as legal counsel and Deloitte as independent valuer. (QNA)

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today 3 islamic banks approve merger in bahrain Arab Today, arab today 3 islamic banks approve merger in bahrain

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today 3 islamic banks approve merger in bahrain Arab Today, arab today 3 islamic banks approve merger in bahrain

 



Arab Today, arab today Designer Rania Adel reveals her new collection

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 23:13 2017 Sunday ,18 June

New ransomware virus attacking mobiles in Oman
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday