Al Salam gets approval for BSB takeover

Bahrain's Al Salam Bank said yesterday shareholders of Bahraini Saudi Bank (BSB) had accepted its takeover offer, marking one of the first steps toward consolidation among Gulf banks this year.

Some 70.15 per cent of BSB shareholders approved the takeover offer on June 1, Al Salam said in a statement on the Bahrain bourse website.

The bank needed approval of 66.67 per cent of shareholders. Al Salam said on April 22 it offered to pay 27 million dinars (Dh262m) to take over BSB. It said the offer has now become unconditional, with the offer period being extended to June 28.