Albaraka Sees Indonesia Purchase in First Quarter

Albaraka Banking Group BSC, the biggest publicly traded Islamic lender in Bahrain, expects to complete an acquisition in Indonesia in the first quarter of 2011 as part of an expansion, its chief executive officer said.

The bank has identified targets for the planned transaction in the Asian country, Adnan Yousif said in an interview at an economic conference in Kuwait today. Albaraka has also identified an acquisition target in Malaysia, he said.