Al Salam Bank B.S.C. (BAX:SALAM) agreed to acquire Consumer Banking Business and unknown stake in Bank of Bahrain and Kuwait and Solidarity Group Holding from Ithmaar Holding B.S.C. (BAX:ITHMR) on January 27, 2022. The group of assets included in the acquisition consists of the consumer banking business of Ithmaar Bank, the entire 26.19% underlying shareholdings of Ithmaar Holding in Bank of Bahrain and Kuwait B.S.C. (BBK) and 55.91% holdings in Solidarity Group Holding. The transaction remains subject to the requisite approvals and the signing of definitive agreements.

The transaction has been approved by the shareholders of Ithmaar Holding via an extraordinary general meeting. EY acted as Financial Advisor & Due Diligence provider to to Al Salam Bank B.S.C. (BAX:SALAM) in the deal. As of July 7, 2022, Al Salam Bank B.S.C. acquired a 26.19% stake in Bank of Bahrain and Kuwait B.S.C. and 55.91% stake in Solidarity Group Holding.