Al Salam Bank Signs Definitive Agreements for the Acquisition of Kuwait Finance House-Bahrain B.S.C. (c)
Press release
Al Salam Bank logo
Manama, Bahrain – 1 April 2024: Al Salam Bank, a leading financial institution listed on the Bahrain Bourse (Trading Code “SALAM”) and the Dubai Financial Market (Trading Code “SALAM_BAH”), is pleased to announce that it has signed definitive agreements with Kuwait Finance House Group K.S.C.P. (“KFH Group”) to acquire the entire shareholding of Kuwait Finance House – Bahrain B.S.C.(c) ("KFH-Bahrain"), a wholly owned subsidiary of KFH Group.
The signing of definitive agreements is subject to regulatory approvals and customary closing conditions. Upon transaction closing, a seamless integration and brand repositioning plan will be implemented to ensure customer experience remains uninterrupted. Al Salam Bank will provide further updates on the transaction process and any subsequent changes to its operations.
Clients can continue to access all services currently being provided by KFH-Bahrain including but not limited to cards, cheque books, online banking, mobile banking services, branches, ATMs, and the call center. Both Al Salam Bank and KFH-Bahrain will keep clients informed with transaction updates.
Client engagement, banking operations, branch services, and all other banking services will remain fully operational. Further communication on the transaction will be released on a periodic basis.
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Background Information
Al Salam Bank
Al Salam Bank-Bahrain B.S.C (ASBB) is an Islamic bank headquartered in the Kingdom of Bahrain, and licensed and regulated by the Central Bank of Bahrain.
ASBB was established on 19 January 2006 in the Kingdom of Bahrain with paid-up capital of BD 120 million (US$ 318 million) and commenced commercial operations on 17 April 2006. The Bank was listed on Bahrain Bourse on 27 April 2006 and subsequently on the Dubai Financial Market (DFM) on 26 March 2008.
ASBB completed its merger with the Bahraini Saudi Bank (BSB) on 22 December 2011. On 2 February 2014, Al Salam Bank-Bahrain and BMI Bank B.S.C. (c) confirmed the conclusion of a business combination between the two institutions after obtaining the approval of their shareholders at their respective extraordinary general assembly meetings, and of 30 March 2014 BMI Bank became a wholly owned subsidiary of ASBB.
ASBB offers its customers a comprehensive range of innovative and unique Shari’a-compliant financial products and services through an extended network of branches and ATMs, utilizing the state-of-art technologies to meet various banking requirements. In addition to its retail banking services, the Bank also offers Corporate Banking, Private Banking, Asset Management and Treasury services. The Bank's high-caliber management team is comprised of highly qualified and internationally experienced professionals with proven expertise in key areas of banking, finance, and related fields.
Al Salam Bank
Al Salam Bank-Bahrain B.S.C (ASBB) is an Islamic bank headquartered in the Kingdom of Bahrain, and licensed and regulated by the Central Bank of Bahrain.
ASBB was established on 19 January 2006 in the Kingdom of Bahrain with paid-up capital of BD 120 million (US$ 318 million) and commenced commercial operations on 17 April 2006. The Bank was listed on Bahrain Bourse on 27 April 2006 and subsequently on the Dubai Financial Market (DFM) on 26 March 2008.
ASBB completed its merger with the Bahraini Saudi Bank (BSB) on 22 December 2011. On 2 February 2014, Al Salam Bank-Bahrain and BMI Bank B.S.C. (c) confirmed the conclusion of a business combination between the two institutions after obtaining the approval of their shareholders at their respective extraordinary general assembly meetings, and of 30 March 2014 BMI Bank became a wholly owned subsidiary of ASBB.
ASBB offers its customers a comprehensive range of innovative and unique Shari’a-compliant financial products and services through an extended network of branches and ATMs, utilizing the state-of-art technologies to meet various banking requirements. In addition to its retail banking services, the Bank also offers Corporate Banking, Private Banking, Asset Management and Treasury services. The Bank's high-caliber management team is comprised of highly qualified and internationally experienced professionals with proven expertise in key areas of banking, finance, and related fields.
Kuwait Finance House - Bahrain
Kuwait Finance House (KFH) is considered a pioneer in the Islamic banking phenomenon known as ”Islamic Finance” or “Sharia’a” compliant banking. Kuwait Finance House (KFH) is the first Islamic bank established in 1977 in the State of Kuwait and today it’s one of the foremost Islamic financial institutions in the world.
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