Bahrain’s Al Salam Bank Signs Memorandum of Understanding with Ithmaar Group for Proposed Acquisition of Assets

Al Salam Bank-Bahrain (Al Salam) has signed a memorandum of understanding (MOU) with Ithmaar group for a proposed acquisition of a group of assets of Ithmaar’s group of companies. Discussions have commenced between the two entities consequent to the signing of the MOU.

Why it Matters?

A statement issued by Al Salam says that the acquisition will take place subject to carrying out a due diligence, the agreement of terms of sale and adhering to all regulatory and corporate consents. Also stated was that that the bank welcomes discussions with Ithmaar Holdings as they are slated to have a positive impact on the bank’s development as well as adding value to its existing business lines. Shaikh Khalid bin Mustahil al Mashani, Chairman of Al Sal...