Al-Ghunaim: Global looks forward to strategic partnership with BBK stakeholders

This investment came after obtaining the required approvals from the Central Bank of Bahrain to increase Global's stake in the bank.

The acquisition of a major stake in BBK is inline with Global's investment strategy based on geographic expansion into leading financial institutions. This investment is a good opportunity for integration between Global experience and leadership in investment and BBK.

Mrs. Maha K. Al-Ghunaim, Global's Chairperson and Managing Director, said that Global and BBK will benefit from their vast expertise in the investment and banking sectors to push forward the bank's expansion in the Middle East and North Africa (MENA) region.'

Global had earlier reached an initial agreement with the Commercial Bank of Kuwait (CBK) to buy its 19.2% stake in BBK. However, as per requirements of Bahrain Stock Exchange and the Central Bank of Bahrain, the transaction had to be subjected to a bid in which Ithmar Bank won the offered shares.

Al-Ghunaim stated that the entry of a competitor in the bid was expected as BBK enjoys a strong reputation and history as a leading bank in the Kingdom of Bahrain.

'BKK is considered of the principal banks in the Kingdom and has a wide network of local branches in addition to its pretense in Kuwait and India. It also provides a wide range of products and services backed by the latest infrastructure.'

She expressed her delight to have Ithmar Bank as a strategic partner in BBK. 'We will work together with other stakeholders, especially Ithmar Bank and the government of Bahrain represented by the Pension Fund and the Social Security Authority to provide added value not only to clients and shareholders but for the financial industry in the region.'

With this investment, BBK joins Global's investment portfolio, which includes a list of leading financial institutions such as BankMuscat International, Societe General Bank (Jordan), Bearing Private Equity and others.

Global portfolio management team has been able to achieve annual rate of return of 18% during the past years.

It is worth noting that Global recorded last year significant achievements which had cemented its leadership in the financial industry, investment sector and strengthen its presence in the region. The company continued harvesting awards and international recognitions. Global received the 'Investment Bank of the year in Kuwait in 2007' award from Euromoney Magazine and the 'The PE Fund of the year 2007' for its Global Buyout Fund in addition to other awards.

In conclusion, Al-Ghunaim thanked the monitory agencies in the Kingdom, namely the Central bank of Bahrain and the Bahrain Stock Exchange, for their support in completing the deal.