Bank Alkhair

#Bahrain's Bank Alkhair sells stake in Turkish investment firm

Bahrain’s Bank Alkhair has sold its majority stake in Turkish investment firm Alkhair Capital, as the lender exits some markets. Bank Alkhair entered the Turkish market a decade ago, acquiring an initial 75% stake in the investment firm. The bank has faced a challenging business environment over the past year and is currently streamlining its business lines. Additionally, the bank sold its stake in Pakistani lender Burj Bank and in 2017 the firm upgraded its business licence in the UAE and expanded its capital markets business in Saudi Arabia in a bid to focus on other markets. Now Bank Alkhair has received approval to transfer its 95.79% stake in Alkhair Capital to Ankara-based A1 Capital. The value of the transaction was not disclosed.

Negotiations continuing for Bank Alkhair’s acquisition — GFH

Gulf Finance House (GFH) said the negotiations are underway for acquisition of Bank Alkhair of Bahrain. The due deligence is continuing and formalities are yet to be completed. In a separate statement, GFH said that its unit has won a case against its former deputy chief executive. The verdict issued in favour of GFH’s unit is for circa $5 million (Dh18.4 million). Earlier in the month, the GFH board has approved the proposed settlement with assets of an estimated $350-450 million, subject to counterparties’ fulfillment of their obligations. The company said the estimated value of the assets is preliminary and subject to regulatory approvals and will have a positive impact on GFH’s financials for the fourth quarter of 2016.

Khaleeji Commercial Bank 'is open to Alkhair merger'

Khaleeji Commercial Bank (KHCB), a Bahrain-based Islamic retail bank, has completed due diligence on a proposed merger with Bank Alkhair, a Bahrain-based Islamic wholesale bank. KHCB shareholders were told by chairman Dr Fuad Al Omar that the matter was under discussion and no decision had been taken yet. When compared with 2012 levels, the bank's total assets grew by 14.6 per cent to BD542.2 million last year with the consumer finance portfolio increasing by 66.7pc. However, the provision of an aggregate amount of BD17.7m in impairment provisions and marked to market losses resulted in net loss of BD19.2m. Dr Al Omar said the bank continued to improve its profitability with increase in revenue from core operations and control of costs. On future plans, he said KHCB would launch new products based on customer needs.

BANK ALKHAIR wins a further ruling against former CEO

The Bahrain Chamber of Dispute Resolution (BCDR) ordered Bank Alkhair's former Chief Executive Officer, Majed Al-Refai, in a verdict to repay a $2 million loan he had taken during his tenure as CEO, and to compensate the bank for all legal fees and costs. The latest ruling against Al Refai follows several other criminal cases involving Al Refai and associates which have all been ruled in favor of the bank. On 29 September 2013, the Supreme Criminal Court of Appeal sentenced Al Refai and his Canadian associate Robert Little each to one year in prison for forging the bank’s Articles of Association. The bank has confirmed numerous legal proceedings, which are ongoing since September 2010, all within the jurisdiction of the Kingdom of Bahrain, and do not affect the ongoing operations of the bank.

Ex-CEO loses civil case against Bahrain's Bank Alkhair

The former chief executive and founder of Bahrain's Bank Alkhair has lost a civil court allegation in the kingdom which chased to strike down his dismissal by the bank, the latest round of a legal battle between the two parties.
The judgement is the latest development in a series of legal cases following Al-Refai's departure from the bank.

Alkhair already on acquisitions trail

Bank Alkhair is looking for small boutique banks in Malaysia to acquire, so that it can expand its presence in south east Asia and to win ringgit exposure.
The bank operates in Saudi Arabia, Malaysia and Turkey, primarily in the Islamic investment banking field.
Ikbal Daredia, CEO of its Malaysian operation, stated that Alkhair has put a target on some small institutions as takeovers, but underlined that nothing was going in the near future.

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