Baker McKenzie has advised longstanding client Ahli United Bank, Bahrain's largest bank, on its acquisition of Citi's consumer banking business in Bahrain. The transaction, which signed earlier this year and received regulatory approval from the Central Bank of Bahrain, includes the retail banking, credit card and unsecured lending businesses of Citi throughout Bahrain. Citi's consumer banking employees have also been offered employment by AUB.
Manama-headquartered Ahli United Bank (AUB) was selected by Citi following a competitive auction process based on its strong growth strategy in consumer banking in Bahrain. With AUB's business segments spanning retail banking, private banking & wealth management, corporate banking & treasury and Islamic banking, AUB is the largest bank in Bahrain.
Led by George Marshall (Corporate Partner, London), the Baker McKenzie corporate team comprised Melanie Howard (Partner, London), Cristina Brown (Senior Associate, London), Ennio Keyte (Associate, London), Tessa Schembri (Trainee, London) and Fouad Ajawi (Trainee, Bahrain), with specialist support from Sue McLean (Partner, IP/Tech, London), Rowena Baer (Associate, IP/Tech, London) and Richard Cook (Senior Associate, Employment & Benefits, London).
Commenting on the deal, which closed today, George Marshall said: "The completion of this complex acquisition of Citi's entire consumer banking business in Bahrain marks a milestone moment for Ahli United Bank and its strategic growth plans. It is also testament to the strength and depth of our cross-practice, cross-border team and our ability to collaborate seamlessly. We are delighted to have supported the whole AUB team from the start of this important transaction during its auction phase last year to a successful closing of the deal following signing and regulatory approvals earlier this year."
Manama-headquartered Ahli United Bank (AUB) was selected by Citi following a competitive auction process based on its strong growth strategy in consumer banking in Bahrain. With AUB's business segments spanning retail banking, private banking & wealth management, corporate banking & treasury and Islamic banking, AUB is the largest bank in Bahrain.
Led by George Marshall (Corporate Partner, London), the Baker McKenzie corporate team comprised Melanie Howard (Partner, London), Cristina Brown (Senior Associate, London), Ennio Keyte (Associate, London), Tessa Schembri (Trainee, London) and Fouad Ajawi (Trainee, Bahrain), with specialist support from Sue McLean (Partner, IP/Tech, London), Rowena Baer (Associate, IP/Tech, London) and Richard Cook (Senior Associate, Employment & Benefits, London).
Commenting on the deal, which closed today, George Marshall said: "The completion of this complex acquisition of Citi's entire consumer banking business in Bahrain marks a milestone moment for Ahli United Bank and its strategic growth plans. It is also testament to the strength and depth of our cross-practice, cross-border team and our ability to collaborate seamlessly. We are delighted to have supported the whole AUB team from the start of this important transaction during its auction phase last year to a successful closing of the deal following signing and regulatory approvals earlier this year."
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