Deals
Bahrain Islamic Bank Plans $218 Million Sale of Non-Core Assets
- Bank has sold $37 million of such assets in first half of year
- A liquidity crunch in Bahrain is boosting rates on dinar funds
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Bahrain Islamic Bank BSC is seeking to sell about 82 million dinars ($218 million) of unproductive assets such as land and shares as part of a five-year plan to boost growth.
The lender sold 14 million dinars-worth of these assets in the first half and plans the sale of a similar amount in the remainder of the year as it focuses on its main lending business, Chief Executive Officer Hassan Jarrar said in a phone interview from Manama, Bahrain. The bank has appointed an external adviser to dispose of “all non-core investments,” including properties and shares in associate companies, he said.