BMI Bank chairman Sheikh Khalid bin Mustahail Al Mashani and ASBB chairperson HH Shaikha Hessa bint Khalifa bin Hamad Al Khalifa jointly said that the merger will enable them to remain competitive and financially strong.
Following the integration of both banks, the new entity will leverage a collective pool of resources both in terms of management team, customer base, better products and services as well as a strengthened delivery network.
The united lender will also offer an array of financial products and services including retail, wholesale, SME, private and investment banking and wealth management.
The combined bank will have total assets of nearly BD1.7bn ($4.48bn) and shareholders’ equity of approximately BD293m ($772.4m).
Pending receipt of respective shareholder’s approval as well as the necessary regulatory consents, the transaction has already been approved by the boards of directors of both banks.
BMI Bank manages 10 branch offices and 28 ATM’s in Bahrain, while ASBB operates in Bahrain through a network of 10 branches and 20 ATMs.
