MANAMA - SICO, a leading Bahrain-based broker and investment bank, has signed an agreement with Bank Muscat to acquire a majority stake in Saudi-based Muscat Capital, a wholly-owned subsidiary of the Omani financial institution.

The agreement was signed following the successful completion of due diligence exercises and internal approvals from the respective parties as well as the Central Bank of Bahrain.

SICO will acquire 72.71 per cent stake in Muscat Capital through transfer of all its treasury shares to Bank Muscat.

This would result in Bank Muscat owning 9pc shareholding in SICO, amounting to a total of 38,563,894 shares, upon completion of the transaction.

“We are extremely pleased to sign this agreement for acquiring Muscat Capital (Saudi), which will broaden our regional presence and service offerings in the region’s largest market, Saudi Arabia,” said SICO chief executive Najla Al Shirawi.

“We look forward to the closing of this transaction and to the new partnership with Bank Muscat as we work together to uncover new growth opportunities.”

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