GFH Financial acquires 50.4 pc stake in GB Group

DUBAI: GFH Financial Group has completed the strategic acquisition of a majority stake of 50.4 per cent in Global Banking Corporation (GB Corp).

The acquisition comes following the Central Bank of Bahrain’s (CBB) approval to increase the existing stake from 28.6 per cent up to 60 per cent of GB Corp.

GB Corp is a leading investment bank incorporated in the Kingdom of Bahrain and operating in the GCC and global markets with total assets of $125 million (AED458.75 million) and with total assets under management over $500 million (AED1.835 billion)  as at June 2020.

“This acquisition comes in line with the Group’s growth strategy and taking advantage of attractive business opportunities to maximize returns to shareholders,” an official GFH Financial statement from said.

 

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