Al Salam Bank Bahrain (ASBB) and BMI Bank, a Bahrain-based retail and commercial banking institution, have completed the merger of both their businesses.
The deal was first signed on 9 September 2013, but was subject to approval from shareholders.
The merger deal was carried out by exchanging 11 ASBB shares for each BMI Bank share, wherein ASBB would acquire 58,533,357 BMI Bank shares and in turn issue 643,866,927 new ordinary shares at a value of 100 fils per share.
The combined entity will result in having stronger capital base, expanded customer portfolio, new products and services, and expanded branch and ATM network.
Regulated by the Central Bank of Bahrain, BMI Bank offers its customers a range of financial products and services including regular savings and current accounts, Visa gold and classic credit cards, a Platinum credit card, a Diners Club credit card and the recently launched Muharraq Club Titanium credit card.
BMI offers services through its extended network of ten branches and 28 ATMs throughout the country.