Ithmaar Holding B.S.C. (BAX:ITHMR) and Bank of Bahrain and Kuwait B.S.C. (BAX:BBK) have agreed to cease acquisition negotiations, sources said July 5, 2021. A memorandum of understanding (MoU) on the potential acquisition by BBK of Ithmaar Bank'sBahrain operations as well as specific assets of IB Capital, a wholly-owned subsidiary of Ithmaar Holding, was signed in September last year. In a joint statement, the two banks confirmed their decision to halt negotiations in this regard and give up the acquisition process.

According to observers, the announcement came after the two parties had failed to reach an agreement on the specific assets to be acquired, reports our sister paper Akhbar Al Khaleej.