Three Bahrain-based Islamic investment banks, Capivest, Elaf Bank and Capital Management House, gave been given the go ahead to merge by shareholders. The announcement came after the extraordinary general meetings of the three banks held on Thursday (28 June) approved the transaction. The merger will be effective after obtaining the final approval of the Central Bank of Bahrain and the Ministry of Industry and Commerce.
Once implemented, the newly created entity will have shareholders’ equity of almost $350 million and assets in excess of $400 million. The transaction is the first three- way merger to take place in the Kingdom of Bahrain………………………………………..Full Article: Source