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Bahrain-based banks Al Salam Bank-Bahrain (ASBB) and Bahraini Saudi Bank BSC (BSB) have engaged in serious discussions to merge the two institutions.
Director and CEO of ASBB Yousif Taqi and the CEO of BSB Khalid Shaheen confirmed that both institutions have retained M/s KPMG as independent adviser to the transaction.
The CEOs of the two banks stated that the process of due diligence and evaluation is on schedule and is expected to be completed in the coming weeks. Upon receipt of independent advisers' recommendations, the boards of the two banks will meet separately to agree the share exchange ratio.
Mr Shaheen stated that regulators and shareholders of BSB would be approached for their respective approval this month.
ASBB is also expected to pursue a similar course of action according to Mr Taqi.
