Ahli United Bank announced an agreement to acquire the retail operations of Citibank in Bahrain. Upon completion of obtaining regulatory approvals, this transaction will include retail banking services, credit cards, And financing without collateral from Citi Bank Bahrain.
According to the terms of the deal, Ahli United Bank will offer employment offers to employees of Citibank’s retail services department and employees Support others when completing the agreement.
Commenting on the news, Sovrat Segal, Group Executive Vice President of Retail Banking at Ahli Bank, said: The United Bank, saying: “This deal comes within the accelerated growth and digital transformation process at Ahli United Bank, We are very optimistic about the many opportunities that the acquisition of Citibank’s retail operations will open to us. and integrating their expertise with our team. We are confident that their products and expertise will contribute to strengthening our leading position in the market, as This transaction will have a far-reaching impact on our larger goal of offering unique products and an exceptional experience to our clients. Moreover, this acquisition will provide a lot of great opportunities for growth for Ahli United Bank employees Both Citibank.
On his part, Michel Sawaya, Chief Operating Officer of Citibank Bahrain commented: “We are pleased to announce that We concluded this deal with Ahli United Bank, which is one of the oldest banking institutions in the region They are distinguished by a strong strategy for growth in the field of retail services in the Kingdom. We are confident that Ahli United Bank will provide distinguished opportunities for our customers and employees. For our part, this deal will give us the ability to inject more investments in our fields of work The main sector, which includes the banking services sector for institutions in the Kingdom.
The proposed transaction is expected to be completed – after obtaining regulatory approvals and completing the requirements for the transfer of ownership – by second half of 2022.