NBB-SIO eye stake in Bahrain Islamic Bank
Manama, November 22, 2012
The National Bank of Bahrain (NBB) and Social Insurance Organisation (SIO) are in preliminary discussions with the Kuwait-based Investment Dar Company (TID) to acquire a key stake in Bahrain Islamic Bank (BisB), said a report.
Such acquisitions of shares in BisB by NBB and SIO from TID will be subject to completion of diligence investigations, obtaining all requisite regulatory consents and approvals, agreement on terms between various parties and approvals from their respective boards of directors, reported the Gulf Daily News, our sister publication.
BisB, the first Islamic Bank in Bahrain, is owned by a number of large financial and government institutions as well as individuals and companies.-TradeArabia News Service