The deal is part of an agreement between the two, made in June, to rebalance their interests in BBK. Ithmaar now holds 25.38 per cent of the Bahraini retail bank, while Global has 18.91 per cent.

Between the two of them, Ithmaar and Global spent $30m on BBK shares. When Ithmaar originally announced the deal with Global it sold 20 million shares in BBK at BD0.724 per share, or a 2.47 per cent stake in the firm, to Global.

In its latest move, Ithmaar has purchased 7.75 million shares at BD0.71 per share.