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Al Baraka Group could offer shares in 2019 to fund overseas expansion, CEO says

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Al Baraka Group could offer shares in 2019 to fund overseas expansion, CEO says

Al Baraka Banking Group BSC could offer shares to finance its international expansion ambitions, Reuters reported, citing an interview of CEO Adnan Yousuf with Al Arabiya TV.

Yousuf said the offering could take place during or at the end of 2019 as the Bahraini group looks to expand in China, Indonesia, East Africa and Morocco, according to the Sept. 9 report. He noted that the bank issued $400 million in Islamic bonds, or sukuk, in 2017, which could cover some of the expansion expenses, the report added.

Al Baraka is nearly 75% owned by Saudi businessman Saleh Kamel, with the bulk of the remaining shares listed in Bahrain and Dubai, Reuters noted.