Tuesday, Jan 08, 2013
(This story was originally published Monday.)
DUBAI (Zawya Dow Jones)--Three Islamic banks based in Bahrain have finished their merger, creating a new institution with assets of more than $400 million.
The closing of the deal between Elaf Bank, Capital Management House and Capivest will create a bank able to compete more effectively in the Arab Gulf's rapidly expanding Islamic banking industry, Kuwait Finance House Bahrain, the lead advisor on the merger, said in an emailed statement. The new bank's total equity will be about $340 million, the statement said.
The merger, the first of its kind in the region, could be a catalyst for further consolidation among regional Islamic financial institutions, KFH Bahrain managing director and chief executive Abdulhakeem Alkhayyat said in the statement. The banks had entered into merger talks in 2011.
Write to Asa Fitch at asa.fitch@dowjones.com
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(END) Dow Jones Newswires
08-01-13 0344GMT
