Baraka Group expects to offer shares in 2019 to fund expansion plans -CEO

DUBAI (Reuters) - Al Baraka Banking Group will likely offer shares in 2019 to fund its international expansion plans, its chief executive told Al Arabiya TV in an interview on Sunday.

The Bahrain-based bank plans to expand in China, Indonesia, East Africa and Morocco, CEO Adnan Yousuf said.

Al Baraka last year issued $400 million of tier one sukuk, or Islamic bonds, which would cover some of the costs of its expansion, Yousuf said.

"The remaining portion will come through a share offering, which we expect in 2019 or the end of 2019," he said.

The Islamic bank already operates in 16 countries, including Morocco and Indonesia. It said last year it aims to have 1,000 branches across the world by 2020.

Jeddah-based Saudi businessman Saleh Kamel owns nearly 75 percent of the company. Much of the remainder of its shares are listed on Bahrain's bourse and the Nasdaq Dubai stock exchange.

(Reporting by Katie Paul and Ahmed Tolba; Writing by Katie Paul; Editing by David Evans)

2018-09-09 16:25:31

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