Bahrain's GFH Financial picks up majority in Global Banking Corp.
Move allows GFH to access 'key portfolios' and expand assets under management
Dubai: GFH Financial Group has acquired an additional 21.8 per cent stake in Global Banking Corporation (GB Corp), which gives it a 50.4 per cent majority in the Bahrain investment Bank. This follows Central Bank of Bahrain's approval to acquire up to a 60 per cent shareholding.
Launched in 2007, GB Corp provides Sharia-compliant services in wealth management, private equity, real estate investments, corporate finance advisory, and investment placement to high networth individuals and institutional and government clients.
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In November last, the Central Bank of Bahrain approved GB Corp’s application to convert its license to a Category 1 Investment Business Firm in a move aimed at optimising its business model. As of December, GB Corp reported total assets of $125 million and assets under management of approximately $500 million.
Hisham Alrayes, CEO of GFH, said the acquisition will "complement some of our associated investments and increase the size of our assets under management. The acquisition will also give us access to key portfolios and contribute to GFH’s profitability during the year.”