Al Baraka Group (ABG), a Bahrain-based financial services firm, has concluded the sale of its 83.07% stake in Saudi Arabian investment company Itqan Capital for an undisclosed sum.

ABG has not disclosed the name of the private investment firm that bought the stake.

The deal was completed after receiving approvals from both Saudi Capital Market Authority and General Authority for Competition and Central Bank of Bahrain (CBB).

Separately, ABG has entered into a deal to divest its 43.65% stake in Morocco’s Bank Al-Tamweel Wa Al-Inma (BTI) to Bank of Africa, which is the majority shareholder in BTI.

The deal, whose value has not been divulged, awaits local regulatory approvals. It has obtained greenlight from CBB.

ABG group CEO Houssem Ben Haj Amor said: “These exits reflect ABG’s strategy to consolidate our resources in order to enhance efficiency and results.

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“By refocusing on core business lines, we look to further strengthen performance and returns for our shareholders.”

Appointment of Amor as group CEO took effect on 24 October this year after ABG received required approvals from the Central Bank of Bahrain (CBB).

Besides, ABG noted that it would continue its operations throughout the three continents via its subsidiary banking arms and representative offices.

These operations include banking businesses in Turkey, Algeria, Jordan, Egypt, Tunis, Bahrain, Sudan, South Africa, Pakistan, Lebanon and Germany as well as two locations in Iraq and a representative office in Libya.