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Ithmaar set to close merger deal with First Leasing Bank
- Bahrain: Wednesday, October 03 - 2012 at 02:09
Bahrain-based Ithmaar Bank has said that negotiations on a proposed merger with one of its associates, First Leasing Bank, had reached an advanced stage, Gulf Daily News has reported. The boards of both lenders approved the merger plans and the kingdom's banking and financial services regulator the central bank had also given its initial approval, Ithamar chief executive Mohammed Bucheerei said. First Leasing Bank is an associate of Ithmaar Bank which holds 21.32%, the largest single block of shares, in the bank.
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