BIB plots regional course

07 April 2006

Kuwait-based Islamic finance and investment company Investment Dar is looking to increase the capital of Bahrain Islamic Bank (BIB) to at least $300 million to enable the bank to pursue regional expansion. 'BIB's capital, which at present is very low, needs to be strengthened, subject to approval by the board and the authorities,'

says Investment Dar's chairman and managing director Adnan al-Musallam. 'We think that the bank needs to go regional, and for cross-border activities you need a minimum capital of about $300 million. BIB is our only banking identity and it will be our vehicle for any banking expansion elsewhere.' Investment Dar acquired a 30 per cent stake in the Bahraini bank in late 2005 for BD 32 million ($84.2 million - MEED 14:10:05).

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