Al Salam offers to buy Bahrain Saudi Bank

Bahrain Saudi Bank yesterday said it had received an offer from Al Salam Bank to buy all of its issued and paid-up shares.

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.

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