The proposed partnership, which is subject to board, internal, and regulatory approvals of both companies, includes a joint presence based in the region and approximately $100m convertible murabaha investment by Macquarie in GFH as part of GFH's current capital management initiatives.
The proposed partnership is the subject of a confidential memorandum of understanding signed by the parties in a private ceremony in Bahrain today.
Commenting on the announcement, GFH CEO Ahmed Fahour said:
"The strategic partnership with Macquarie represents an exciting opportunity as we look to continue the bank's diversification into new geographies and opportunities."
"Today's announcement is an exciting step towards realizing GFH's long term objective of establishing a truly world class Islamic investment bank. The strategic relationship would bring together GFH and Macquarie to create the standard in Sharia compliant products and services for the Mena region," he added.
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