Al Baraka Group Sells its Stakes in BTI to Moroccan Bank of Africa
Bahrain’s Al Baraka Group (ABG), one of the major Islamic banking and financing institutions, announced on Monday that it is exiting from two of its subsidiaries, Bank Al-Tamweel Wa Al-Inma (BTI) in Morocco and Itqan Capital, an investment company in Saudi Arabia.
Its 43.6 pc stake in BTI will be sold to Moroccan Bank of Africa, the company’s local partner and the bank’s majority shareholder, while its 83 pc stake in Itqan Capital will be sold to a private investor in Saudi Arabia.
ABG CEO, Houssem Ben Haj Amor, said the bank exited the two subsidiaries to consolidate its resources and refocus on its core business to strengthen further its performance and increase the returns of its shareholders.
ABG will continue to operate across three continents through its subsidiary banking Units in Turkey, Algeria, Jordan, Egypt, Tunis, Bahrain, Sudan, South Africa, Pakistan, Lebanon, Libya and Germany.
Al Baraka Group is a leading international Islamic financial group providing financial services through its banking subsidiaries offering retail, corporate, treasury and investment banking services.
