Bahrain’s central bank has urged five Islamic banks to merge early next year as it seeks to strengthen the banks’ capital bases, a senior official said on Sunday.
Under the plan, al-Salam Bank would merge with Bahrain Islamic Bank, while CAPIVEST, Elaf Bank and Capital Management House would merge with each other.
Bahrain Islamic Bank and Salam announced in August that they were in merger talks to form Bahrain’s largest Islamic lender with assets of 1.7 billion dinars ($4.5 billion).
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