MANAMA: Ithmaar Bank has formally concluded a merger with one of its Bahrain-based associates, First Leasing Bank (FLB).
The announcement follows the final approval from the Central Bank of Bahrain (CBB) and Industry and Commerce Ministry, as well as the completion of the three-month and the 60-day notice period required by the CBB and the ministry respectively.
The merger raised Ithmaar Bank's issued and paid-up capital by $56.7 million to $758m after the bank issued 226.7 shares to all FLB shareholders, except those held by and on behalf of Ithmaar Bank, at a nominal value of 25 cents per share.
The Ithmaar Bank-First Leasing Bank merger involved a swap of four Ithmaar Bank shares for each FLB share
This follows the approval of the shareholders of both banks during separate extraordinary general meetings that were held in Bahrain in October.
Read more: http://www.gulf-daily-news.com/NewsDetails.aspx?storyid=348047
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