Wednesday, Jan 04, 2012
BEIRUT (Zawya Dow Jones)--Bahraini Saudi Bank, or BSB, Wednesday said its shareholders have approved dissolving the bank and merging it with its parent, Al Salam Bank-Bahrain.
The decision was approved by the majority of the shareholders present at the meeting, the bank said in a statement posted on the Bahrain bourse website.
Some small shareholders, with a combined stake of 6.54%, objected to the decision, according to the statement.
Shariah-compliant Al Salam Bank said last year that it also plans to merge with Bahrain Islamic Bank. Al Salam's total assets stood at 864.5 million Bahraini dinars ($2.29 billion) at the end of September, according to Zawya.com.
-By Shikrallah Nakhoul, Zawya Dow Jones, +961 1 985757, shikrallah@zawya.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
04-01-12 1255GMT
