By Sam Bridge
Fajr Capital has announced the sale of its significant minority stake in Bank Islam Brunei Darussalam
Dubai-based Fajr Capital has announced the sale of its significant minority stake in Bank Islam Brunei Darussalam (BIBD), Brunei’s largest bank, to Brunei Investment Agency.
Fajr Capital invested in BIBD in September 2010 with a commitment to transform the bank into a world-class financial services institution.
Fajr Capital said it has worked alongside BIBD’s shareholders to devise and begin implementation of a new strategy which resulted in enhanced customer experience, introduction of internet banking and new digital platforms, international expansion in South East Asia and the Middle East, and improved financial performance.
It added that this transaction marks "another successful exit", following several recent high-profile divestments, including GEMS Education and National Petroleum Services.
“Fajr Capital’s long-term and successful investment in BIBD validates our investment thesis and demonstrates our commitment to the markets and communities we serve,” said Dato Paduka Iqbal Khan, CEO of Fajr Capital.
“BIBD was our inaugural and flagship investment and we are very pleased to have supported the bank’s transformation during the past decade.”
He added: "We look forward to continue investing in high-growth and high-impact opportunities across our target sectors.”