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Merger deal between Al Salam, BMI Bank receives green light

The boards of Al Salam Bank-Bahrain and BMI Bank have agreed on the merger of the two entities, which will create the fourth-largest commercial bank in the kingdom, Gulf Daily News has reported. Under the terms of the agreement, Al Salam will acquire 58.5 million BMI Bank shares of BD1 each and issue 644m Al Salam shares of 100 fils each. The combined entity will have 19 retail branches, including one in Qatar, and a total of 44 ATM machines.