Al Salam Bank to acquire consumer banking unit of Ithmaar Bank.

Al Salam Bank, a commercial bank, agreed to acquire consumer banking unit of Ithmaar Bank, a banking firm. Financial terms were not disclosed. “The transaction supplements the achieved organic growth during the past 3 years cementing Al Salam Bank’s position as the fastest growing bank in Bahrain. The Bank has a robust track record of successfully achieving inorganic growth through targeted acquisitions of assets in line with our long-term growth strategy. The acquisition of Ithmaar Bank’s consumer banking portfolio, with its rich history spanning almost four decades, will further reinforce Al Salam Bank’s position as a leading financial institution in Bahrain," H.E. Shaikh Khalid bin Mustahil Al Mashani, Al Salam Bank Chairman.