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IN pursuit of its strategy for growth in Bahrain, Al Salam Bank-Bahrain (ASBB) said that it has officially submitted a voluntary conditional offer to Bahraini Saudi Bank (BSB) to acquire 100 per of the latter's issued and paid-up capital.
If the offer is accepted by BSB shareholders, ASBB will end-up issuing one new ASBB share for every two ordinary BSB shares to BSB shareholders accepting the offer. "The offer is conditional upon two-thirds of BSB's shareholders accepting the offer, and is subject to obtaining the necessary regulatory and shareholder's approvals", stated Yousif A Taqi, CEO and board member of ASBB.
The proposed acquisition when completed will result in the combined entity having eight retail branches and 16 automated teller machines and enhance the visibility of ASBB and consolidate its retail/commercial banking in Bahrain while increasing its market share.
ASBB is working closely with BSB to accelerate the acquisition process and is drawing out a post-acquisition integration plan that best leverages the strength of the two banks.
