"In the latest example of consolidation amongst financial services firms in Bahrain, two lenders there on Thursday said they plan to merge and create what would be the Gulf state’s third-largest bank by assets.
BMI Bank, in which Oman’s Bank Muscat holds a 49 per cent stake, and BMI Bank,, an Islamic lender, said they agreed in principle on a merger.
“Consolidation was the only way forward for Bahraini Banks to stay competitive and financially strong in the aftermath of the recent financial crisis and resulting economic downturn,” said BMI’s Chairman Shaikh Khalid Bin Mustahail Al Mashani and Al Salam’s head Shaikha Hessa Bint Khalifa Bin Hamad Al Khalif in a joint statement."
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