Al Salam Bank and BMI Bank conclude business combination
Al Salam Bank Bahrain BSC (ASBB) and Bahraini retail and commercial banking institution, BMI Bank B.S.C. (c), concluded their business combination after the shareholders of both entities approved the business combination in their respective extraordinary general assembly meetings, and to start issuing new shares to increase Al Salam Bank’s capital by issuing 643,866,927 new ordinary shares at the value of 100 fils per share for BMI Bank’s shareholders, as per the resolutions taken by their EGM’s.
The business combination is based on the agreed exchange ratio of 11 ASBB shares for every BMI Bank share, resulting in ASBB issuing 643,866,927 new ordinary shares.
The Chairperson of ASBB, H.H. Shaikha Hessa Bint Khalifa bin Hamad Al Khalifa thanked the Central Bank of Bahrain and shareholders of ASBB for their approval to proceed with the business combination and stated that the legal formalities will be concluded once new ASBB shares are issued to BMI Bank shareholders.
The Chairman of BMI Bank, Sheikh Khalid bin Mustahail Al Mashani also thanked the Central Bank of Bahrain and shareholders of BMI Bank for their approval to proceed with the business combination. The combined entity will benefit from stronger capital base, expanded customer portfolio, unique products and services in addition to expanded branch and ATM network.
For further information, please contact:
Gordon Andrade; Head
BMI Bank – Bahrain