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Dubai: National Bank of Bahrain makes offer to buy Bahrain Islamic Bank

By  |  November 5, 2019

National Bank of Bahrain, which has a 29% stake in Bahrain Islamic Bank, has made an offer to buy the rest of the Islamic lender in another sign of consolidation in the Gulf banking market, reported Reuters. 

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    The deal is subject to National Bank of Bahrain, the country’s biggest lender, acquiring a minimum 40.94% of the Islamic lender for either cash 0.117 Bahrain dinars or a share exchange ratio of 0.167 National Bank’s shares per Bahrain Islamic Bank share, the Islamic lender said in a filing to the exchange.

    National Bank of Bahrain is the second-biggest shareholder in the Islamic lender alongside the government. 

    The deal comes among a wave of mergers in the Middle East’s financial sector, as profit margins are challenged by lower government and consumer spending because of weak oil prices.

    Full Content: Reuters

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