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Bank of Bahrain and Kuwait (BBK), a pioneer in retail and commercial banking, has announced that it has entered into a binding agreement to acquire the retail banking operations of HSBC Bank Middle East, Bahrain branch, further expanding its footprint in the financial sector.
The transaction, subject to regulatory approval, is expected to be completed in the fourth quarter of the year. BBK will work closely with HSBC to enable a smooth transition for all customers and employees.
The strategic acquisition includes the transfer of all retail loans, deposits and accounts of approximately 76,000 HSBC Bahrain customers, along with their dedicated employees who support those customers. This move underscores BBK’s commitment to enhancing its retail banking and wealth management by offering and delivering unparalleled customer experiences.
As part of the acquisition, BBK aims to leverage its robust financial infrastructure and innovative banking solutions to seamlessly integrate HSBC’s operations. Retail customers of HSBC can look forward to continued excellence in service, enhanced product offerings, and access to BBK’s comprehensive suite of financial services.
“We remain deeply committed to fostering growth and supporting the economic development of the Kingdom of Bahrain. This acquisition aligns with our strategic vision of expanding our market presence and delivering value to our shareholders, customers, and the community at large,” commented BBK Group chief executive Yaser Alsharifi on the occasion.
“We are thrilled to welcome HSBC Bahrain’s retail customers and employees to the BBK family and commit to a seamless integration. This acquisition represents a significant milestone in our journey to maintain our leading position as Bahrain’s pioneer retail bank. We look forward to building on our legacy of excellence by providing our customers with the best banking experience,” added Mr Alsharifi.
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