Shamil Bank acquires 51 percent stake in Faisal Finance Switzerland
The Bahrain-based Shamil Bank has acquired a 51 percent stake in Faisal Finance Switzerland (FFS) valued at $18.3 million. The deal was finalized in early September and goes into effect as of this month.
Based in Geneva, FFS offers Shariah compliant products and services, including real estate, trade finance, capital markets and leasing services. It is a wholly owned subsidiary of Faisal Finance (Luxembourg), a member of the DMI Group, with a total equity of 55 million Swiss Francs ($37.2 million).
Established in 1980 and restructured in 1990 as a bank-like finance company, FFS is subject to applicable banking and financial laws and subject to the supervision of the Swiss Federal Banking Commission. — (menareport.com)
© 2002 Mena Report (www.menareport.com)