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Bank of Bahrain and Kuwait (BBK) has entered into initial discussions to acquire Ithmaar Holding’s retail banking business in Bahrain.

BBK is currently exploring the possibility to acquire Ithmaar Bank, the subsidiary of Ithmaar Holding and one of the largest Islamic retail banking network in the country.

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The financial details related to the acquisition are not available.

The preliminary talks regarding the potential acquisition also includes specific assets of Ithmaar Holding’s Islamic investment arm IB Capital.

A successful acquisition will expand BBK’s existing presence in Bahrain with a turn-key, full-service Islamic banking solution.

BBK chairman Murad Ali said: “To maintain this leadership role, and as part of its ongoing business expansion strategy, BBK has been exploring opportunities to expand its activities and diversify its offerings, particularly in Sharia-compliant banking businesses.

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“Ithmaar Bank seems a natural fit, and we look forward to exploring this possible acquisition further.”

Ithmaar Holding chairman Prince Amr Faisal said: “Ithmaar Bank, an Islamic retail bank, played a pioneering role in the establishment and subsequent development of Islamic banking in the region.

“Ithmaar Bank is a growing, resilient bank that continues to invest in the future and plays a key the comrole in the community.

“This transaction is in line with Ithmaar Holding’s strategy of creating value for its shareholders, and we look forward to exploring this possible opportunity further.”

The acquisition is subject to shareholder and regulatory approvals, as well as completion of due diligence by both the lenders.