IslamicFinance.de

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 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

Bahrain-based First Leasing Bank (FLB) made a net profit of USD 3 mn in 2008 last year. The bank's income from financing activities grew to USD 8.4 mn from US 3.6 mn in 2007 and total portfolio grew to USD 142.5 mn from USD 54.5 mn at the end of 2007.

Khalid Kanoo is Chairman.
Greg Brinkerhoff is CEO.