The Islamic lender received approval to transfer its 95.79 per cent stake in Alkhair Capital to Ankara-based A1 Capital.
Bahrain’s Bank Alkhair has sold its majority stake in Turkish investment firm Alkhair Capitat, as lender streamlines its business lines and exits some markets.
Bank Alkhair entered the Turkish market a decade ago, acquiring an initial 75 per cent stake in the investment firm, but it has faced a challenging business environment over the past year.
Earlier this year, the firm said it would cease Islamic banking activities in Bahrain and convert the loss-making business into a holding company.
Additionally,it sold its stake in Pakistani lender Burj Bank and in 2017, the firm upgraded its business licence in the UAE and expanded its capital markets business in Saudi Arabia in a bid to focus on other markets.
The value the transaction was not disclosed, reported Reuters.