KFH-Bahrain announces completion of first ever three-way Islamic bank merger
- Bahrain: Monday, January 07 - 2013 at 16:26
- PRESS RELEASE
Kuwait Finance House-Bahrain ("KFH-Bahrain") announced that the new year heralded the successful closing of the merger between three Bahrain-based Islamic banks, Elaf Bank, Capital Management House and Capivest, creating a strengthened financial institution with a total equity of approximately $340m and total assets in excess of $400m spanning the Middle East and North Africa, Europe and Asia.
Commenting on the merger, Mr. Abdulhakeem Alkhayyat, Managing Director and CEO of KFH-Bahrain who chaired the merger Steering Committee said: "We are delighted to announce the legal and financial closing of this historic merger. With an enhanced capital base, diverse mix of shareholders, assets and revenues, a new bank emerges with the size, scale and resources to deliver greater investment opportunities and value to both investors and shareholders alike."
"As the first transaction of its kind, KFH-Bahrain is honoured to have successfully originated, executed and closed the merger. Our advisory capabilities and KFH's position and role in the Islamic banking industry ensured that the process was completed in a fair and transparent manner. Not only does the merger provide a model and catalyst for further mergers in Bahrain, the GCC and wider global Islamic banking market, it also creates a stronger and more competitive financial institution here in the region," added Mr. Alkhayyat. "We are confident that the merged shareholder and human resource base provides for the selection of a strong board and a capable management team pooled from within the existing resources of the three banks."
"We would like to extend our thanks to the shareholders of the three banks for their support of the merger as well as express our appreciation for the diligent work carried out by the merger Steering Committee and its members. We would also like to thank the Central Bank of Bahrain and the Ministry of Industry and Commerce for their cooperation and guidance during the merger process," concluded Mr. Alkhayyat.
Also advising on the transaction was Deloitte, Dubai as the Financial Advisor, Trowers & Hamlins as Legal Advisors and Elham Ali Hassan and Associates as Local Legal Counsel.
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