GFH Financial Group has increased its stake in Global Banking Corp (GB Corp) to 50.4 percent from 28.6 percent, following approval from the Central Bank of Bahrain.
The Manama-based financial group was given approval to acquire up to 60 percent of the investment bank, according to a statement to Boursa Kuwait.
GB Corp, incorporated in Bahrain, operates in the Gulf and global markets, with total assets of $125 million and with total assets under management over $500 million as of June 2020.
GFH did not provide the value of the acquisition in its statement to the stock market, but said the acquisition was in line with its growth strategy to take advantage of attractive business opportunities.
(Writing by Imogen Lillywhite; editing by Seban Scaria)
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