Thursday, November 22, 2007

Jazeera Bank in takeover Talks

Sunday, 21 October 2007
By Adel Al-Malki

Al-Jazeera Bank is now engaged in bilateral discussions with the National Installment Company for the bank's offer to acquire 51 percent ownership of the company by increasing its SR100 million capital.
Taha Al-Guaiz, CEO of Al-Jazeera Bank said that by acquiring the National Installment Company, the bank aims to expand in the individual financing sector, which is considered one of the strategic priorities of Islamic individual banking services. Yousef Al-Hamdan, CEO of the National Installment Company, expressed his satisfaction with the bank's plans, noting that by becoming a larger entity they can serve a larger sector of clients in the Kingdom.

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