Bahrain's Ithmaar Bank in advanced merger talks with First Leasing Bank
- Bahrain: Tuesday, October 02 - 2012 at 16:30
The Bahrain All-Share Index in Manama gained 0.05% Tuesday, finishing at 1,079.30 points. Islamic investment bank Ithmaar closed unchanged. Earlier in the day, Ithmaar said in a statement to the Bahrain Bourse "that negotiations on a proposed merger with one of its Bahrain-based associates, First Leasing Bank, had reached an advanced stage." "Since Ithmaar Bank's reorganisation in April 2010 with its then wholly-owned subsidiary, Shamil Bank, and its subsequent transformation from an investment bank into an Islamic retail Bank, Ithmaar has focused on developing its retail and commercial banking operations," said Chief Executive Officer and Member of the Board, Mohammed Bucheerei. "This is in line with the Ithmaar board-approved vision of becoming a premier Islamic retail bank," he said.
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