Mubasher: Bahrain and Kuwait Bank (BBK) has inked a Memorandum of Understanding (MoU) with Ithmaar Holding, the parent of Ithmaar Bank, for a potential acquisition of Ithmaar Bank’s Bahrain operations.
Under the MoU, the BBK would also acquire specific assets of IB Capital, a wholly-owned subsidiary of Ithmaar Holding, according to the company's disclosure to the Dubai Financial Market (DFM) on Monday.
Subject to shareholder and regulatory approvals, the acquisitions are still in the discussions phase.
If the plans are implemented, the BBK will expand its large operations in Bahrain and add a full-service Islamic banking solution.
