Bahrain’s Al Baraka Group (Al Baraka) has completed the divestment of its stake in Morocco’s Bank Al-Tamweel wal Al-Inma (BTI Bank Morocco), also known as Bank Al Karam.
Al Baraka agreed to sell its 43.65% stake in BTI to Bank of Africa in December 2022 – the banking group’s local partner and the bank’s majority shareholder at the time.
The exit received the required approvals from the Central Bank of Bahrain and Bank Al-Maghrib.
“We have refined our strategy to ensure that resources are efficiently allocated and yielding higher returns. We will continue to refocus on core business segments that further strengthen the Group’s performance,” said Houssem Ben Haj Amor, the Group Chief Executive of Al Baraka Group.
Al Baraka Group continues to operate across three continents through its subsidiary banking. This includes banking operations in Turkey, Algeria, Jordan, Egypt, Tunis, Bahrain, Sudan, South Africa, Pakistan, Lebanon and Germany, in addition to two branches in Iraq and a representative office in Libya.
