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Manama: Al Baraka Group B.S.C. (“ABG” or “Group”) today announced that it has reached separate agreements to exit from two of its subsidiaries, Bank Al-Tamweel Wa Al-Inma S.A in Morocco (“BTI” or “Bank”) and Itqan Capital, a Saudi Arabia based investment company.
ABG has agreed to sell its 43.65% stake in BTI to Bank of Africa, the Group’s local partner and the Bank’s majority shareholder. The transaction, which is subject to local regulatory approvals, has received…