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Capivest, Elaf and Capital Management to Vote on Merger in June

Bahrain’s Capivest BSC, Elaf Bank BSC and Capital Management House BSC will hold shareholder meetings this month to vote on a merger of the three Islamic financial institutions, the transaction adviser said.

The merger, expected to be completed in the second half of 2012, will create an institution with a shareholders’ equity of almost $350 million and assets of more than $400 million, Kuwait Finance House Bahrain BSC said in an e-mailed statement today. The new company will have a “more competitive” edge, the statement said.

Bahrain is home to the largest number of Islamic banks in the Persian Gulf and the only nation in the six-member Gulf Cooperation Council to issue domestic Islamic bills maturing in less than a year, according to central bank data. The Accounting & Auditing Organization for Islamic Financial Institutions, a standard-setting body, is also based in the country.

Bahrain Islamic Bank, the second-biggest Shariah-compliant lender in the nation, in February ended talks with Al Salam Bank BSC for a possible merger that would have created a lender with a market value of $400 million. Al Salam completed legal requirements for its merger with Bahrain Saudi Bank BSC on April 25, according to the statement on the nation’s bourse June 10.

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