Al Baraka Group Completes Exit of Its Stake in BTI Bank Morocco

2023-08-10 04:29:54

(MENAFN- Albaraka Banking Group) Manama I July 25, 2023

Al Baraka Group B.S.C. (“ABG” or “Group”) today announced the completion of exiting from its subsidiary, Bank Al-Tamweel wal Al-Inma S.A (the “Bank”) in Morocco, currently named Bank Al Karam.
In December 2022, ABG agreed to sell its 43.65% stake in BTI to Bank of Africa, the Group’s local partner and the Bank’s majority shareholder at the time.
The exit received the required approvals from the Central Bank of Bahrain (CBB) and Bank Al-Maghrib.

Commenting, Mr. Houssem Ben Haj Amor, Group Chief Executive of ABG, stated, “We have refined our strategy to ensure that resources are efficiently allocated and yielding higher returns. We will continue to refocus on core business segments that further strengthen the Group's performance.”

ABG continues to operate across three continents through its subsidiary banking. This includes banking operations in Turkey, Algeria, Jordan, Egypt, Tunis, Bahrain, Sudan, South Africa, Pakistan, Lebanon and Germany, in addition to two branches in Iraq and a representative office in Libya.

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