MANAMA (Reuters) – Bahrain’s Unicorn Investment Bank is studying a possible acquisition of Dubai Group’s stake in Malaysia’s Bank Islam, its head of strategic mergers and acquisitions said on Monday.
“We have received the information from the investment bank that is handling this for the seller. We have received it and we are reviewing it,” Frederick Stonehouse told the Reuters Islamic Banking and Finance Summit in Bahrain.
Dubai Group, an investment vehicle owned by the ruler of Dubai, said in October it was reviewing its options for the 40 percent stake in Malaysia’s second largest Islamic bank as it shifts its focus closer to home.
Stonehouse also said the Islamic investment bank could raise between $250 million and $500 million in equity for acquisitions, while its strategic investment fund still has below $100 million to spend.