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Dubai: Ithmaar Bank, a Bahrain-based investment bank and Global Investment House, headquartered in Kuwait, have agreed to rebalance their stake in BBK, a Bahrain retail bank as part of their continued strategic cooperation as major shareholders.
Ithmaar Bank has announced that it has sold 20 million shares representing 2.47 per cent of BBK's issued and paid up capital to Global Investment House at 0.724 dinars per share. Ithmaar Bank and Global Investment House will now hold 24.38 per cent and 18.95 per cent stake respectively in BBK.
Earlier this year, Ithmaar Bank acquired 19.1 per cent of the capital of BBK, Bahrain's fifth largest bank by market value, after purchasing 147.6 million shares from the Commercial Bank of Kuwait, previously BBK's largest shareholder. In May, following initial acquisition, Ithmaar Bank increased its stake in BBK by 6.77 per cent by purchasing 54.9 million shares, further strengthening Ithmaar Bank's holding in BBK to 26.4 per cent.
"With a 24.38 per cent stake, Ithmaar Bank is still BBK's largest financial institutional shareholder and we are confident that our investment in one of Bahrain's leading retail banks will help us consolidate our strengths across the Middle East and Asia Pacific regions," said Khalid Abdullah Janahi, chairman, Ithmaar Bank.
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