Bahrain: National Bank bids to take over Islamic rival

National Bank of Bahrain (NBB) has made an offer to buy out the other shareholders in Bahrain Islamic Bank (BISB). NBB, which is majority-owned by the government, already owns 29% of the Islamic lender; the state holds a further 29% in BISB via the Social Insurance Organisation. BISB shareholders are asked to accept BD0.117 in cash for each share they hold (slightly below the current trading price of BD0.120) or take NBB shares instead.