Ithmaar Bank also expanded its overseas investment presence with the closure of
strategic shareholding acquisition in CITIC’s asset management company based in
Hong Kong.
The agreement which the Bank had signed with three overseas
investors will entail investing a total of US$180 million in exchange for a
combined 60% stake of CITIC International Assets Management Limited (CIAM), part
of the CITIC International Financial Holdings Limited, which is a diversified
conglomerate wholly owned by the State Council of China. Ithmaar Bank will own
20% out of that combined total.