NBB acquires 78.8% stake in Bahrain Islamic Bank

      Published on Tuesday, 21 January , 2020      42 Views     
NBB acquires 78.8% stake in Bahrain Islamic Bank


The National Bank of Bahrain (NBB) on Saturday announced that its offer to acquire up to 100% of the paid-up ordinary shares of the Bahrain Islamic Bank (BisB) resulted in the control of a 78.8% stake in the Islamic bank,




according to the Bahrain News Agency.

The offer was initially opened on 18 December 2019 by the NBB as part of its efforts to develop further its Islamic Banking activities and to offer to its client base a full range of banking services both conventional and Islamic.

“Increasing our shareholding in BisB will allow us to become more effective in certain markets, especially where Sharia-compliant businesses play a vital role in,” NBB’s chairman Farouk Al Moayyed commented.

The settlement of the offer is expected to take place on 22 January 2020. All BisB’s shareholders who did not participate in the Offer will remain as shareholders of BisB with their shareholding unchanged as a result of the offer.

“While the two banks will remain independent, I look forward to working with the teams of both banks on the successful implementation of synergies in full respect of the culture of the two institutions,” NBB’s CEO Jean-Christophe Durand said.



Following the acquisition by NBB, BisB will continue to operate under its normal course of business and maintain its operations as a subsidiary of NBB. BisB will continue to be listed on Bahrain Bourse and will recommence trading on 23 January 2020.

Keywords:
Category Business | 2020/01/21 latest update at 3:18 AM
Source : Zawya | Photocredit : Google
43 Views
Comments Add comment



Gulf Media

Related Articles

The editorial staff of Bahrain Today would like to give all of its readers from Gulf and Bahrain and the whole world the opportunity to participate actively in the development of the website! If you have something interesting, fun, scandalous - just something worth to be seen from more people. Capture it and share it in the Bahrain Today with a short text.

Do you have information you want to reach our readers?

Send article/s

You can subscribe to our Facebook, Twitter and Google pages or use our RSS feed channel to always read the most important news about Bahrain, the Gulf and the world.


UAE Ambassador: Bahrain’s National Action Charter confirms people’s rallying behind HM King Hamad’s leadership Government

UAE Ambassador: Bahrain’s National Action Charter confirms people’s rallying behind HM King Hamad’s leadership

UAE Ambassador to Bahrain, Sheikh Sultan bin Hamdan bin Zayed Al Nahyan, has stressed that the adoption of…

King of Bahrain receives UAE Minister of State for Food Security, ambassador King

King of Bahrain receives UAE Minister of State for Food Security, ambassador

His Majesty King Hamad bin Isa Al Khalifa, King of Bahrain, received Mariam Hareb Almheiri, Minister of State…

HM King congratulates Chinese President King

HM King congratulates Chinese President

His Majesty King Hamad bin Isa Al Khalifa has sent a cable of congratulations to the Chinese President,…

President of Seychelles makes first-ever state visit to Bahrain King

President of Seychelles makes first-ever state visit to Bahrain

Seychellois holding diplomatic, special and official passports will not require visas when travelling to Bahrain after the signing…

GULF TV

Popular in GULF TV

7 Action Movies You Can Not Miss In 2019

909 Views

7 Action Movies You Can Not Miss In 2019  

Latest videos in GULF TV

Events

Bahrain events

Lifestyle

Culture

Bahrain Culture, Bahrain, Bahrain News

Sport

Science & Technology

Government

Bahrain Government, Bahrain Government News, Bahrain News, Gulf News, News, Bahrain News