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Meanwhile, Mr. Taqi said that the level of acceptance is a clear indication of the high degree of trust and confidence of BSB shareholders in ASBB.
"This acquisition complements the business model of ASBB and fits with its intention to expand its retail and commercial banking presence in Bahrain. ASBB plans to maintain BSB's corporate legal status by expanding and consolidating the Al Salam Group's retail and commercial banking operations into BSB. Following the acquisition, the Group will have eight retail branches and 16 Automated Teller Machines (ATMs),"stated Mr. Taqi.
"This, coupled with Al Salam's online banking and Shari'a compliant product suite, will enable the Al Salam Group to enhance visibility and expand its product and service delivery capabilities," he added.
Since ASBB is an Islamic bank, the intention is to convene an extraordinary general assembly meeting of BSB and seek its shareholders' approval to convert the business operations of BSB into Islamically compliant operations.
"Subject to obtaining regulatory approvals, the retail commercial operations of the Al Salam Group are proposed to be carried out through BSB with BSB becoming the Bahrain based retail & commercial banking arm of ASBB," he added.
Following the offer closing date, ASBB will start issuing allotment letters for the new shares to BSB shareholders who accepted and submitted their requests for share transfer.
Posted by Rana Mesbah
