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Three Islamic investment banks in Bahrain said Sunday they have agreed to merge to better compete in a fragmented market. The combination of Capivest, Elaf Bank and Capital Management House will create a bank with assets of $400 million, according to a statement from the lenders. The banks said the deal is the first-three way merger in the Gulf island kingdom's history.
Elaf's vice chairman, Isa Habib, said the combined bank should be able to win larger projects while benefiting from a more diverse balance sheet.
"The aim of this merger is to establish a strong banking institution that is able to compete solidly in a changing market," he said in a statement issued by Kuwait Finance House, which advised the lenders on the merger.
The official Bahrain News Agency also announced the deal, which must still be approved by Bahrain's central bank and the Ministry of Industry and Commerce.
Bahrain, one of the oil-rich Gulf's traditional banking centres, has positioned itself as a major hub in the Islamic finance industry. Its reputation as a business haven has been seriously damaged by more than 16 months of unrest in the strategic island nation, which is home to the US Navy's 5th Fleet.

Copyright Associated Press, 2012

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