Mubasher: Al Salam Bank – Bahrain has signed a Memorandum of Understanding (MoU) to start discussions with Ithmaar Holding for a potential acquisition of a group of assets from Ithmaar.
The potential acquisition will be subject to the completion of successful due diligence and all necessary regulatory and corporate consents, according to a recent press release.
The Chairman of Al Salam Bank – Bahrain, Sheikh Khalid bin Mustahil Al Mashani, 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."
Meanwhile, the Chairman of Ithmaar Holding, Amr Al Faisal, commented: "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."
