Kuwait Finance House – Bahrain (KFH-Bahrain), Elaf Bank and Capital Management House, top Bahrain-based Islamic banks, said they will be voting on a three-way merger in shareholder meetings to be held by the end of June.
If approved, the newly created entity will have a shareholders’ equity of almost $350 million and assets in excess of $400 million, which would give them a scale that would make them more competitive in the market. The transaction would be the first three way merger to take place in Bahrain.
In addition to shareholder approval, the merger is subject to regulatory and other approvals and is expected to be completed within the second half of 2012.
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