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Three Bahraini Islamic banks to merge by 2012-end
- Bahrain: Thursday, September 27 - 2012 at 09:01
The central bank of Bahrain has confirmed the merger of three Bahraini Islamic lenders - Capivest, Elaf Bank and Capital Management House (CMH) - into a $400m asset base and $350m shareholder equity entity will get underway before the year-end, Daily Tribune has reported. The process would proceed as per regulatory and legal requirements, once the 90-day holding period is over, during which objections to the proposal may be raised, said executive director of banking supervision at the central bank, Khalid Hamad. The apex lender and the industry and commerce ministry would ratify the decision of the three banks' shareholders in June, he added.
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