IslamicFinance.de

GFH Financial Group announced that it has acquired an additional 21.8% stake in Global Banking Corporation. The deal gives GFH a majority stake of 50.4% in the Bahrain-based investment bank following Central Bank of Bahrain approval to acquire up to a 60% shareholding. Established in 2007, GB Corp targets high-net-worth individuals and institutional and government clients across the GCC countries. As of December 2019, GB Corp reported total assets of $125 million and assets under management of approximately $500 million.

Global Banking Corporation (GBCorp), the Bahrain-based Islamic investment bank, said its total income in 2008 increased 8.1 % to USD 53.1 mn compared to USD 49.2 mn for the previous year. Its net profit reached USD 21.2 mn. Total assets reached 93 % to USD 455.9 mn against USD 236.2 mn for the previous year. The bank had USD 723 mn worth of fund under its management.