Bahrain Mirror: The Bahrain Central Bank Governor, Rasheed Al-Maraj, said that the Bank is actively encouraging financial institutions to merge and he expects more consolidation in to happen in the future.

In comments to reporters, Al-Maraj noted "this has been the policy of the central bank to encourage to consolidate and create bigger banks...we are expecting more to come in the near future."

The regulator has already given an initial green-light to Kuwait Finance House's bid to takeover Ahli United Bank and is awaiting the results of due diligence.

Commenting on the economic situation in Bahrain, Al-Maraj highlighted that the financial package, comprised of long-term low interest rate loans, will not financially burden the island kingdom's economy.

The kingdom's plans for further fund raising this year, or next, will depend on its budget, he added.

Arabic Version