By Thomas Atkins
Bahraini Saudi Bank shareholders give the nod to first acquisition in Gulf banking sector.
Bahrain's Al Salam Bank has received offers for 90.4 percent of the shares in Bahraini Saudi Bank after extending its takeover offer to July 12, Al Salam said in a statement on Wednesday.
Al Salam said it would maintain BSB's corporate legal status and would expand and consolidate its retail and commercial banking operations into BSB.
Al Salam said in April it had offered to pay 27 million dinars ($71.62 million) to take over Bahraini Saudi.
The acquisition is one of the first this year in the Gulf Arab banking sector, where lenders are generally small in size.
Some analysts say smaller players are ripe for consolidation as they look for ways to weather the fallout of the financial crisis. (Reuters)