Shareholders of Bahrain's Ithmaar Bank and unlisted First Leasing Bank have approved their merger, with the tie-up due to be completed by year-end, a statement from Ithmaar Bank said on Monday.
The consolidation of the listed bank and one of its affiliates has a nominal value of $60 million and will involve a
share swap arrangement which will see each First Leasing share exchanged for four Ithmaar shares, the statement to the Bahrain bourse said.
The merger, which still requires final regulatory approval, will "create unique opportunities for further developing
Ithmaar's core business while reducing costs and improving efficiencies," Mohammed Bucheerei, chief executive of Ithmaar, said. The statement added all First Leasing staff will be absorbed into Ithmaar.
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