Overseas Strategic Shareholding

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.