Bahrain-based bank Ithmaar has announced plans to raise its capital by $400m to fund expansion, Reuters has reported. The bank aims to raise up to $200m by selling shares at $0.25 to existing shareholders between March 16 and March 25, in addition to selling a mandatory convertible Islamic bond. Ithmaar plans to convert itself into a retail bank by integrating its fully owned Shamil Bank, a Bahraini retail bank.
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