Bank of Bahrain and Kuwait and Ithmaar Holding have signed a memorandum of understanding on the potential acquisition by BBK of Ithmaar’s Bahrain operations and specific assets of its subsidiary IB Capital.
The acquisition plans are still in the discussions phase, Ithmaar said in a statement on Monday (September 14).
If the deal goes through, it will expand BBK’s operations in Bahrain and add a turnkey, full-service Islamic banking solution.
BBK and Ithmaar first announced they were in talks on August 26.
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