Bahrain's Baraka says Syria unit IPO oversubscribed

Bahrain's largest Islamic lender Al Baraka BARKA.BH said on Monday the initial public offering (IPO) of its Syrian unit has been oversubscribed.

"We have already 150 percent, and I anticipate we will close at around 200 percent," Chief Executive Adnan Yousif told Reuters.

The subscription period for the IPO -- open only to Syrians -- ends Nov. 4. Bank Bemo Saudi Fransi is managing the sale.

The bank is targeting some $38 million for a 35 percent stake in the unit, in which Al Baraka owns 24 percent and Emirates Islamic Bank holds 10 percent.