Shaikh Khalid bin Mustahil Al Mashani, Chairman of Al Salam Bank Image Credit: Supplied

Manama: Bahrain's Al Salam Bank and the Dubai Financial Market have completed the acquisition of Kuwait Finance House Bahrain (KFH Bahrain) from Kuwait Finance House Group.

The transaction marks the bank's fifth Merger and Acquisition (M&A) transaction in Bahrain.

The acquisition of KFH Bahrain follows the integrations of Bahrain Saudi Bank in 2009, BMI Bank in 2014, Ithmaar Bank's consumer business in 2022 and the acquisition of a majority stake in Al Salam Bank-Algeria in 2023.

The consolidation of KFH Bahrain, with an asset base of more than BD 1.49 billion, will substantially increase the bank's balance sheet by 28 per cent, accelerate market share acquisition, and enhance offerings.

Shaikh Khalid bin Mustahil Al Mashani, Chairman of Al Salam Bank said: "The acquisition of KFH Bahrain marks a pivotal step in our growth journey, setting a new standard for M&A excellence in the region. The transaction also underscores our commitment to bolstering Bahrain's position as the region's leading Islamic financial centre."

Customers can continue to access all services currently being provided by KFH Bahrain. Al Salam Bank will keep customers informed about transaction updates as well as relevant developments in the integration process.

Al Salam Bank was advised by KPMG Fakhro while Trowers and Hamlins acted as legal counsel.