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Bank of Bahrain and Kuwait (BBK)'s acquisition of Ithmaar Bank has moved ahead with the conventional bank appointing Emirates NBD Capital (EMCAP) as the main financial adviser.
In a filing to Bahrain Bourse today, BBK said "its transaction team has started working with EMCAP to appoint the legal and accounting firms that will join hands in conducting the due diligence and other necessary preparatory work for the potential acquisition".
It has also agreed with Ithmaar Holding, the parent of Ithmaar Bank, on the final list of assets that will form part of the potential transaction.
Ithmaar Bank operates the largest Islamic retail banking network in Bahrain.
In September 2020, BBK and Ithmaar Holding 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.
If the deal goes through, it will expand BBK's operations in Bahrain and add a turnkey, full-service Islamic bank to the franchise.
Read the full story in tomorrow's GDN
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