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Mon 24 Aug 2020 01:50 PM

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Bahrain's GFH inks deal to hold majority share in Sharia investment firm

Global Banking Corporation offers a range of Sharia compliant investment banking services in Bahrain

Bahrain's GFH inks deal to hold majority share in Sharia investment firm

Hisham Alrayes, CEO of GFH.

GFH Financial Group on Monday announced that it has acquired an additional 21.8 percent stake in Global Banking Corporation which offers a range of Sharia compliant investment banking services in Bahrain.

The deal gives GFH a majority stake of 50.4 percent in the Bahrain-based investment bank following Central Bank of Bahrain approval to acquire up to a 60 percent shareholding.

Established in 2007, GB Corp targets high-net-worth individuals and institutional and government clients across the GCC countries as well as investing globally.

In November 2019, the Central Bank of Bahrain approved GB Corp’s application to convert its licence to a Category 1 Investment Business Firm in a move aimed at optimising its business model.

As of December 2019, GB Corp reported total assets of $125 million and assets under management of approximately $500 million.

Hisham Alrayes, CEO of GFH, said: “We’re pleased to announce this important acquisition that will complement some of our associated investments and increase the size of our assets under management. The acquisition will also give us access to key portfolios and contribute to GFH’s profitability during the year.”

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