UAE -  Ithmaar Holding, the parent of Ithmaar Bank, has appointed KPMG Bahrain as a financial advisor and Hassan Al Radhi and associates as legal advisors as part of the plans of Bahrain and Kuwait Bank (BBK) to acquire the bank's operations in Bahrain.

BBK also seeks to acquire specific assets of IB Capital, a wholly-owned subsidiary of Ithmaar Holding, according to the company's disclosure to the Dubai Financial Market (DFM) on Monday.

The financial impact of the transaction is being assessed.

It is noteworthy to mention that on 14 September 2020, BBK signed a MoU with Ithmaar Holding for a potential acquisition of Ithmaar Bank’s Bahrain operations in Bahrain and specific assets of IB Capital.

Source: Mubasher

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