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Article: BANKS WARNED.
- Article from:
- Gulf Daily News (Manama, Bahrain)
- Article date:
- November 5, 2009
CopyrightCOPYRIGHT 2009 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: ARTHUR MACDONALD
MANAMA: It's survival of the fittest for banks in Bahrain and the Gulf, an expert warned yesterday.
Fittest means biggest, with banks worth less than $3 billion to $4bn unlikely to survive the next few years, said Bahrain's Ithmaar Bank chairman Khalid Janahi.
He was speaking after Ithmaar shareholders backed a move to transform it from an investment bank to a commercial bank and develop its retail business by fusing the parent company with its wholly-owned subsidiary, Shamil Bank.
"We are hoping to develop our operations into a commercial bank with equity of between $3bn and $4bn," said Mr Janahi.
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