Ithmaar confirmed a deal has been struck with Bank of Bahrain and Kuwait to take over Ithmaar Bank's operations in Bahrain. This was announced in a statement on DFM. Image Credit: Gulf News Archive

Dubai: The Bank of Bahrain and Kuwait (BBK), one of the biggest commercial banks in Bahrain, and Ithmaar Holding have agreed on the potential acquisition of Ithmaar Bank’s Bahrain operations as well as specific assets of IB Capital, a subsidiary of Ithmaar Holding.

The plans, subject to shareholder and regulatory approvals, are still in the discussions phase and subject to the completion of due diligence by both parties.

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If and when implemented, the plans will "significantly expand BBK’s already large operations in Bahrain and add a full-service Islamic banking solution, while also bolstering the already Ithmaar Bank brand and position it to better capitalize on opportunities for growth", it said in a statement on Dubai Financial Market.

It was on August 26 that the announcement was made regarding the potential acquisition.