BBK is expecting a decision from the Central Bank of Bahrain (CBB) shortly about its possible acquisition of Shamil Bank. Speaking after BBK's annual general meeting (AGM) yesterday, chairman Murad Ali Murad said he expected to hear from the CBB in the near future and then the board could appoint consultants to decide whether to go ahead with the deal.
Shamil Bank is currently owned by Ithmaar Bank, which has a 25 per cent stake in BBK.
If the deal goes ahead, then BBK will issue its own shares to Ithmaar in exchange for Shamil, in a move that would see Ithmaar end up holding 40pc of BBK.
The past 12 months have been dominated by the greatest crisis to beset the global economy for many decades," he told shareholders.
"Some commentators have gone so far as to define it as the worst in history."
"The Middle East and the Gulf region have not been immune from the crisis," he said.
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