IslamicFinance.de

Bahrain's Ithmaar Bank has announced its chief executive Mohammed Bucheerei is to retire at the end of August and be replaced by Ahmed Abdul Rahim, currently general manager, as acting head. Bucheerei led the bank's transition from an Islamic investment bank to a retail Islamic lender offering a range of Shari'ah-compliant products.

Ithmaar Bank has formally concluded a merger with First Leasing Bank (FLB), which involved a swap of four Ithmaar Bank shares for each FLB share. The merger enhances Ithmaar's capital base as well as its capital adequacy ratios. It also improves Ithmaar shareholders' profile. According to Ithmaar Bank chief executive Mohammed Bucheerei, the merger will consolidate Ithmaar Bank's position as an Islamic retail bank and create powerful new synergies, improving efficiencies and reducing costs. The necessary procedures in co-ordination with the Bahrain Bourse to merge the registrar of FLB shareholders to the registrar of Ithmaar shareholders are expected to be completed shortly.

Ithmaar Bank helped support a local charity that provides an Education Scholarship Fund (ESF) for children of financially challenged families. Ithmaar Bank Chief Executive Officer and Member of the Board, Mohammed Bucheerei, presented the cheque for the ESF to Azra Mohammed Mohsin, President of the Pakistani Women's Association (PWA) which established the fund. More than 100 children are receiving support from the ESF in the current academic year .

According to a recent announcement by Ithmaar Bank, it will convert the banking licence of its wholly-owned subsidiary in Switzerland, Faisal Private Bank, to a family office. The decision to make such a conversion includes focusing on the further development of Ithmaar Bank's core business of retail and commercial banking. The conversion will be compatible with the interests of the clients and stakeholders. The format of Ithmaar Bank's presence in Switzerland is to be approved in due course by the Swiss financial services regulator.

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Ithmaar Banks merger talks with its associate, First Leasing Bank, has moved on. The boards of both banks approved the plans as well as the kingdom's banking regulator the central bank had given its initial approval for merger.

See more under: http://www.ameinfo.com/ithmaar-set-close-merger-deal-leasing-313763