MANAMA – Kuwait Finance House-Bahrain (KFH-Bahrain) announced Monday the successful closing of the merger between three Bahrain-based Islamic banks, Elaf Bank, Capital Management House and Capivest, creating a strengthened financial institution with a total equity of approximately $340 million and total assets in excess of $400 million spanning the Middle East and North Africa, Europe and Asia.
As Transaction and Lead Advisor, KFH-Bahrain, after having initiated discussions with the three banks in late 2011, worked closely with them to create a robust merged entity that is able to better compete in the dynamic and growing global Islamic banking and investment industry. The expertise and services of the banks are highly complementary, laying the groundwork for a smooth integration process. Furthermore, with a larger capital base, the newly created institution will be better positioned to participate in larger investments and projects and to quickly and more effectively capitalize on a broader set of available opportunities both across the MENA region and globally.
Abdulhakeem Alkhayyat, Managing Director and CEO of KFH-Bahrain, who chaired the merger Steering Committee, said: “We are delighted to announce the legal and financial closing of this historic merger. With an enhanced capital base, diverse mix of shareholders, assets and revenues, a new bank emerges with the size, scale and resources to deliver greater investment opportunities and value to both investors and shareholders alike.” “As the first transaction of its kind, KFH-Bahrain is honored to have successfully originated, executed and closed the merger. Our advisory capabilities and KFH’s position and role in the Islamic banking industry ensured that the process was completed in a fair and transparent manner. Not only does the merger provide a model and catalyst for further mergers in Bahrain, the GCC and wider global Islamic banking market, it also creates a stronger and more competitive financial institution here in the region,” he added.
(Saudi Gazette / 08 Jan 2013)
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