Three Islamic investment banks in Bahrain said Sunday they have agreed to merge to better compete in a fragmented market. The combination of Capivest, Elaf Bank and Capital Management House will create a bank with assets of $400 million, according to a statement from the lenders. The banks said the deal is the first-three way merger in the Gulf island kingdom’s history.
Elaf’s vice chairman, Isa Habib, said the combined bank should be able to win larger projects while benefiting from a more diverse balance sheet………………………………………..Full Article: Source