Solidarity Bahrain gets CBB approval to buy BNI and BNL
Bahrain - Solidarity Bahrain has announced that the Central Bank of Bahrain (CBB) has granted its final approval for the acquisition of Bahrain National Insurance Company and Bahrain National Life Company for a total purchase price of BD75 million in cash.
The approval for BNL relates to the company's direct acquisition of 100 per cent of its share capital, while the approval for BNI relates to the acquisition of 100pc of its share capital by the company's majority shareholder, Solidarity Group Holding, in line with the transaction structure previously disclosed.
As previously disclosed, upon completion of the company's ongoing capital increase exercise, Solidarity Bahrain will proceed to acquire BNI from Solidarity Group in accordance with the share purchase agreement executed between both parties on March 18, 2025.
The completion of the transaction is expected to have a positive impact on Solidarity Bahrain's consolidated financial position by enhancing scale, operational efficiencies, and market leadership across both general and life insurance sectors, thereby supporting long-term growth and profitability.
This transaction is a key step in Solidarity Bahrain's strategic journey to position itself as a driving force in the marketplace.
By bringing BNI and BNL into Solidarity, the company will leverage their specialised expertise and established market presence to complement its existing strength.
Once completed, this acquisition is expected to nearly double the current scale in Bahrain, with a combined annual gross written premium projected to exceed BD100m.
Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).
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