gulfnews : Three banks announce merger in Bahrain

Three Bahrain-based Islamic investment banks Capivest, Elaf Bank and Capital Management House are to merge.
The announcement was made after the extraordinary general meetings of the three banks approved the transaction. The merger will be effective after obtaining the final approval of the Central Bank of Bahrain and the Ministry of Industry and Commerce, the banks said.
Once implemented, the newly created entity will have shareholders’ equity of almost $350 million (Dh1.28 billion) and assets in excess of $400 million. The transaction is the first three-way merger in Bahrain.

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