Al Baraka

Al Baraka planning to buy firm in Saudi push

Bahrain's Islamic lender Al Baraka yesterday said it planned to enter the Saudi Arabian market through an acquisition of an Islamic investment company there, valued at around 300 million Saudi riyals ($80m). Al Baraka did not disclose the name of the Saudi firm it planned to buy, adding it would reveal further details after gaining official approval. The Al Baraka Banking Group has a wide presence in the form of subsidiary banking units and representative offices in 12 countries, which in turn provide their services through more than 300 branches. Al Baraka had signed a share swap deal with Saudi Investment in 2007 but scrapped the deal in 2009 blaming the global financial crisis.

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