Kuwait’s Shariah-compliant Boubyan Bank has completed an all-cash takeover of the Bank of London and the Middle East.
Boubyan said in a bourse filing on Thursday (Feb 20) that as at Feb 19 it received “valid acceptances in respect of a total of 90,669,047 BLME shares” that represent approximately 45.25% of the issued ordinary share capital of the UK-based bank.
This takes Boubyan’s and its associates’ existing shareholdings in BLME to approximately 71.08%.
BLME will be considered a subsidiary of Boubyan and it will be consolidated starting the first quarter of this year, said the Kuwaiti bank.
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