SICO Signs Agreement to Acquire Majority Stake in Saudi- Based Muscat Capital

20/12/2020SICO BSC (c), a leading regional asset manager, broker, market maker and investment bank (licensed as a wholesale bank by the CBB), announced today that it has signed an agreement with Bank Muscat SAOG to acquire a majority stake amounting to 72.71% in Saudi-based Muscat Capital, a wholly owned subsidiary of Bank Muscat.

The agreement was signed following the successful completion of due diligence exercises and internal approvals from the respective parties as well as the Central Bank of Bahrain. The transaction will be completed upon receiving all necessary approvals from the relevant regulatory authorities in Saudi Arabia and other relevant jurisdictions.

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