Al Salam extends BSB takeover offer
Dubai, July 2, 2009
Bahrain's Al Salam Bank has extended its takeover offer for Bahraini Saudi Bank to July 12 after buying 80.2 per cent of the bank in an offer that expired June 28, Al Salam said in a statement.
Al Salam said on April 22 it offered to pay BD27 million ($71.62 million) to take over Bahraini Saudi.
The acquisition is one of the first this year in the Gulf Arab region, where banks are generally small in size. Some analysts say smaller players are ripe for consolidation as they look for ways to weather the fallout of the financial crisis. – Reuters
More Finance & Capital Market Stories
- ABG units win top Islamic finance award
- Finance House approves 25pc cash dividends
- Qatar 'most expensive country in Gulf'
- Egypt regulator sets rules for index
- Dubai Islamic eyes Kenya, Indonesia for expansion
- ADCB to buy back 3pc of its shares
- GCC insurance growth outpaces developed markets
- Bahrain 'faces budget deficit, inflation challenges'
- Global Payment Services wins key certification
- BBK unveils big India expansion plans
- Kuwait GDP growth to hit 3.5pc in 2014
- Gulf shares tumble over EM exposure cut
- GCC bonds to gain from macro-economic climate
- French Business Council Dubai members up 18pc
- Egypt economy growth seen less strong than thought
- Sharjah approves $4.2bn budget for 2014
- Saudi non-oil sector posts solid growth in Feb
- Seera total income rises to $34m
- NBAD approves 40pc cash dividends
- NBAD sees 8-10pc loan growth
- Al Basel Group launches investment arm
- Union Insurance posts $18m profit
- Oman warns banks on conflicts of interest
- Japan to lend Tunisia $480m
- 400 to join anti-laundering seminar in Riyadh
- Lebanese insurer to head Prague Club
- UAE's first REIT plans $135m IPO
- Bahrain banking industry outlook 'positive'
- New India Assurance opens Bahrain branch
- Qatar sets up mixed business incubator