Consolidation frenzy among Gulf banks rages on as Bahrain’s NBB bids for BIsB

By Mariam Meskin
07 Nov 2019

National Bank of Bahrain has made a bid to buy a majority stake in Bahrain Islamic Bank, of which it already owns 29%. The move is the latest in a seemingly endless round of consolidation between Gulf banks, driven by the effort to become more competitive in what many have called an oversaturated banking market.

NBB — one of Bahrain's leading lenders — is offering BIsB shareholders Dh0.117 a share, and is offering new shares at an exchange ratio of 0.167 NBB shares per BIsB share. 

The bank already owns 29.06% of Shariah-compliant lender BIsB, and expressed its interest in increasing its holding "up ...

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