Bahrain Bank Al Khair Eyes Retail Push With Khaleeji Merger

Posted by on Jun 13th, 2013 and filed under Islamic Finance. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

Islamic banks Al Khair and Khaleeji have set up a committee to study the feasibility of a merger, with any agreement subject to due diligence and approvals by shareholders and the regulator. Bank Al Khair, a Bahrain-based investment bank, expects its potential merger with local player Khaleeji Commercial Bank to help provide it with retail banking exposure and more stable revenues. A merger would create an entity with paid-up capital of about $500 million and assets in the range of $600 million to $1 billion. An independent firm is now finalising valuations for the two businesses. A deal would probably involve both cash and an exchange of shares. Bank Al Khair posted a first-quarter loss of $2.8 million, while Khaleeji had a profit of BD302,000.

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