Merging talks are at an advanced stage between Ithmaar Bank, Bahrain’s sixth-largest bank by market capitalization, and First Leasing Bank, the Islamic lender. The proposed merger has already been given the nod by both banks but their shareholders will have to discuss and vote over it at meetings scheduled to be held at the end of the month. The proposed deal has got the initial approval of Bahrain’s banking and financial services regulator, the Central Bank of Bahrain (CBB).
Mohammed Bucheerei, CEO of Ithmaar Bank, said the deal is part of their “vision of becoming a premier Islamic retail bank.”……………………………………….Full Article: Source