- City Fajr Shuruq Duhr Asr Magrib Isha
- Dubai 04:20 05:42 12:28 15:53 19:08 20:30
Al Salam said in a separate statement it would issue to shareholders of Bahrain Saudi Bank one new share in Al Salam for every two ordinary shares held in Bahrain Saudi Bank.
It said the offer is conditional upon two thirds of Bahrain Saudi Bank shareholders accepting its offer.
The combined entity will have eight retail branches, increasing Al Salam's market share in the Bahraini retail and commercial banking market, it said.
Bahrain Saudi has appointed KPMG Fakhro as an adviser to review the financial terms of the offer, which was submitted on Tuesday, the bank said in a statement on the Bahrain bourse website.
The two banks said last month their merger was on track and would create a bank whose combined market value at the time was $400 million (Dh1.5 billion).
The financial industry in the Gulf Arab region is fragmented, but has seen very few mergers and acquisitions. Larger institutions are seen crucial to weathering the current financial crisis.
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