Saturday, Jun 30, 2012
BEIRUT (Zawya Dow Jones)--Shareholders of three Bahrain-based Islamic investment banks have approved their merger, in a move aimed at creating a strong company that will be able to capture larger projects and also diversify its capital sources.
Capivest, Elaf Bank and Capital Management House, in a joint statement Saturday, said shareholders approved the three-way merger at the extraordinary general meetings of the banks held Thursday.
The merger will be effective after obtaining the final approval of Bahrain's central bank and the industry and commerce ministry.
"Once implemented, the newly created entity will have shareholders' equity of almost $350 million and assets in excess of $400 million," the statement added.
The brand identity of the new bank resulting from the merger will be announced in the near future, Khalid Najibi, managing director of Capital Management House, said in the statement.
The three banks were advised by Kuwait Finance House - Bahrain as the transaction advisor, Trowers & Hamlins as legal counsel and Deloitte as independent valuer.
-By Shikrallah Nakhoul, Zawya Dow Jones, +961 1 985757, shikrallah@zawya.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
30-06-12 1044GMT
