GFH increases GB Corp shareholding to majority stake of 50.4%

Transaction reflects continued ability to capture strategic opportunities for growth and revenue generation

  
GFH increases GB Corp shareholding to majority stake of 50.4%

Manama – GFH Financial Group B.S.C (“GFH”) today announced that it has acquired an additional 21.8% stake in Global Banking Corporation B.S.C. (“GB Corp”) giving the Group a majority stake of 50.4% in the Bahrain-based investment Bank following Central Bank of Bahrain approval to acquire up to a 60% shareholding.

Established in 2007, GB Corp provides a range of Shari’a compliant investment banking services focusing on asset/wealth management, private equity, real estate investments, corporate finance advisory, structured finance and investment placement to high-net-worth individuals and institutional and government clients across the GCC countries as well as investing globally. In November 2019, the Central Bank of Bahrain approved GB Corp’s application to convert its license to a Category 1 Investment Business Firm in a move aimed at optimising its business model. As of December 2019, GB Corp reported total assets of US$125 million and assets under management of approximately US$500 million.

Commenting on the transaction, Mr. Hisham Alrayes, CEO of GFH, said, “We’re pleased to announce this important acquisition that will complement some of our associated investments and increase the size of our assets under management. The acquisition will also give us access to key portfolios and contribute to GFH’s profitability during the year.”

-Ends-

About GFH Financial Group B.S.C.

GFH is one of the most recognised financial groups in the Gulf region. Its businesses include Asset Management, Wealth Management, Commercial Banking and Real Estate Development. The Group’s operations are focused in the GCC, North Africa and India. GFH is listed in Bahrain Bourse, Kuwait Stock Exchange and Dubai Financial Market. For more information, please visit www.gfh.com 

For More information contact
Zahraa Taher
Managing Director
FinMark Communications
Email: ztaher@finmarkcoms.com 

Send us your press releases to pressrelease.zawya@refinitiv.com

© Press Release 2020

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.


More From Press Releases