DUBAI, United Arab Emirates - Three Islamic investment banks in the Gulf island kingdom of Bahrain say they have agreed to merge.
A statement Sunday says the combination of Capivest, Elaf Bank and Capital Management House will create a bank with assets of $400 million.
The statement was issued by Kuwait Finance House, which advised the lenders on the merger. The official Bahrain News Agency also announced the deal.
The tie-up must still be approved by Bahrain's Central Bank and the Ministry of Industry and Commerce.
Bahrain has long been one of the oil-rich Gulf's banking centres. But its reputation as a business haven has been seriously damaged by more than 16 months of unrest in the strategic island nation, which is home to the U.S. Navy's 5th Fleet.
