Ithmaar Bank, Bahrain’s sixth-largest bank by market capitalisation, is in advanced talks to merge with an affiliate through a share swap agreement, the Islamic lender said in a statement on Tuesday.
Shareholders of Ithmaar and unlisted First Leasing Bank will vote on the merger at meetings scheduled to take place at the end of October after the boards of both banks agreed to the tie-up, a filing to the Bahrain stock exchange said. The merger will be completed through a share-swap arrangement, details of which will be discussed at the upcoming shareholder meeting………………………………………..Full Article: Source