Manama, Sept. 20 -- The Board of Directors of Al Baraka Banking Group B.S.C. (ABG / the Group) resolved to initiate the process of converting the current license of its parent company in Bahrain from a wholesale bank to a category 1 investment firm, subject to regulatory and shareholders' approvals.

The step is in line with its future strategy and business model and to benefit from the regulatory framework of the Central Bank of Bahrain (CBB) for wholesale banks and investment firms, Upon receiving the new license, the Group shall continue to be supervised by the Central Bank of Bahrain.

The Group's banking subsidiaries, including Al Baraka Islamic Bank, Bahrain, will continue their banking activities and business as usual under the sup...