Ithmaar planned sale of Bahrain operations to BBK called off

The planned sale of Ithmaar's Bahrain operations and IB Capital, one of its subsidiaries, to the Bank of Bahrain and Kuwait, has been called off. 

Ithmaar said in a regulatory filing dated Monday (July 5) that both parties could not agree on amicable terms and conditions that would maximise their shareholders' interests.

The two parties in September 2020 signed an agreement to explore the potential acquisition of Ithmaar Bank's Bahrain operations and specific assets of IB Capital, a wholly-owned subsidiary of Ithmaar Holding, by BBK. 

Ithmaar Bank is a Bahrain-based retail Islamic bank. 

BBK and Ithmaar said last year that if the deal went through it would expand BBK's operations in Bahrain and give it a turnkey, full-service Islamic banking solution.

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