MANAMA: Bank of Bahrain and Kuwait (BBK) and Ithmaar Holding, the parent of Ithmaar Bank, yesterday signed a memorandum of understanding (MoU) on the potential acquisition by BBK of Ithmaar Bank’s Bahrain operations as well as specific assets of IB Capital, a wholly-owned subsidiary of Ithmaar Holding.
The MoU, which was signed by BBK chief executive Dr Abdulrahman Saif and Ithmaar Holding chief executive Ahmed Abdul Rahim, who is also the Ithmaar Bank chief executive, builds on the joint BBK-Ithmaar Holding statement last month announcing initial talks regarding the potential acquisition .
