Bahrain’s GFH Financial Group is in talks to buy a majority stake in Islamic lender Bank Alkhair.
GFH has signed a memorandum of understanding for the potential acquisition, which is subject to board and shareholder approval, completion of due diligence, agreement on an acquisition structure and regulatory approvals, according to a statement Monday to the Dubai stock market.
The value of the potential deal was not disclosed. Privately-owned Bank Alkhair made a loss of $2.5 million last year and has assets of $585 million, according to financial statements on its website. GFH, which is listed in Bahrain, Kuwait, and Dubai, made a profit of $5.8 million and has assets of $2.6 billion.
If GFH completes the acquisition of Bank Al Khair it would create a larger financial group with operations in the Gulf Cooperation Council, U.K., Malaysia, Turkey, Pakistan, and India, GFH said in the statement.
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