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Tuesday, December 3, 2013

Ibdar Bank launched following three way Islamic banking merger and integration




Manama, Dec. 2. (BNA) -- It was today announced that following the first ever three way Islamic banking merger, which joined together Bahrain based Capital Management House (CMH), CAPIVEST and Elaf Bank, that the new combined entity has been renamed and will operate as Ibdar Bank ("Ibdar").

The launch of the new brand follows a period of consolidation and the integration of the assets, resources and operations of the three banks. The result has been the creation of a well diversified and financially robust institution with US$300 million of paid up capital, US$329 million in equity, an asset base of US$360 million and significant funds for deployment.

Leveraging a 30-year combined track record and the complementary strengths of the merged entities, including financial and human resources and expertise, Ibdar will engage in Private Equity, Capital Markets and Real Estate through which it aims to generate diversified and recurring income streams for the bank, its shareholders and co-investors.

Geographically, the bank's focus will be on the GCC, MENA region including Turkey and Southeast Asia in addition to pursuing select opportunities in developed markets, where opportunities exist and where its experience and network of best in class local partners can be leveraged. 

"We are delighted to unveil the Ibdar brand under which the bank will now transact business and engage in value creation," said Mr. Paul Mercer, Chairman of Ibdar. "The merger, which has already provided significant value to shareholders, has brought forth a more competitive institution with tremendous experience, industry talent and the foundations for leadership in Islamic banking." 

He continued, "We see great potential for Ibdar and with significantly enhanced investment and underwriting capacity, the bank is well positioned to undertake substantial and high quality deals and to more effectively participate in the capital markets. With a thorough integration now behind us, we are fully focused on re-engaging with the markets and bringing high quality products, platforms and co-investment opportunities across sectors and asset classes to our clients."

The bank currently has a strong pipeline of opportunities, which it is evaluating and to which its capital, expertise and original thinking can potentially be applied to build and extract value. Areas of focus for Ibdar are strategic growth industries within its main markets of operation and those in which the bank, through its predecessors, has already built a significant track record of investment success. These include aviation, maritime, infrastructure, oil & gas, and real estate, among others. 

At the same time, Ibdar's strategy also calls for the rationalization of its existing portfolio across these sectors and others. At present, every effort is being made to further bolster and add value to core assets within the portfolio whilst also preparing for the strategic exit of non-core businesses and investments.

"We are confident of the strategy and the strength of the institution that we have created. With the support of an exceptional base of shareholders and team of professionals, we have already made great strides. This, however, is just the start and we are deeply committed to creating long term, strategic partnerships with our clients and co-investors and to delivering to them sound opportunities and returns. We soon expect to announce a number of exciting developments and look forward to keeping you apprised of our activities and the evolution of Ibdar Bank in the months ahead."

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