Planned Acquisition of Ithmaar Bank’s Bahrain-Based Operations by BBK Has Been Abandoned

In a statement issued on the Dubai Financial Market on the 5th of July 2021, the Bank of Bahrain and Kuwait (BBK) and Ithmaar Holding have agreed to abandon plans for the potential acquisition of Ithmaar Bank’s Bahrain-based operations by the former.

Why it Matters?

The two entities signed a Memorandum of Understanding (MoU) in September 2020 to confirm their plans for the potential acquisition by BKK of Ithmaar Bank’s Bahrain-based operations, along with specific assets of IB Capital, a subsidiary of Ithmaar Holding. These plans were subject to shareholder and regulatory approvals and the completion of due diligence from both parties. However, following preliminary due diligence and discussions, both parties involved were unable to agree...