Bahraini Saudi Bank (BSB) is now gearing up for a public awareness program reflecting its recent acquisition by Al Salam Bank – Bahrain (ASBB). With 90.3% of the issued and paid up share capital of BSB secured by ASBB, the bank intends to inform the stakeholders about this acquisition and its resultant benefits.
In the first statement addressing this venture, Dr. Anwar Khalifa Al Sadah, Chairman of BSB and official spokesperson for this acquisition agreement, commented, “It is now time for us to systematically engage our customers from all aspects of concern in order for them to understand the strategy and common vision of Bahraini Saudi Bank.”
Dr. Al Sadah also added that this acquisition should be viewed as an opportunity for all BSB customers who will benefit from the affiliation with such a well-established brand as ASBB. “A business-centric decision, this is a major acquisition venture by Al Salam. Leading to the establishment of new group (BSB and ASBB), customers will be able to partake in the numerous rewards such as a larger resource base, better services, increase in number of retail branches for their banking needs, and diversified investment portfolios.”
BSB has signed on Vahid Associates Brand Futurists to anchor the first step of this important communication exercise, through design. “Change needs to be cued both internally and externally. Awareness and empowerment will be the mantras for existing and potential customers of both banks as a result of this coming together,” said Vahid Mehrinfar, Executive Principal of Vahid Associates Brand Futurists. “The knowledge from our previous experience in re-branding BSB will give us a head-start in addressing this important project.”
Ahmed Sheikh, Acting CEO, who has been tasked to take charge of BSB operations, said, “BSB’s retail heritage and ASBB’s strong investment banking portfolio will be leveraged carefully to build group strength and synergy. We are confident that the public will acknowledge the positive results of this important acquisition, and in time, the two entities are bound to form a symbiotic relationship for the customers’ benefit.”
“Our growth in capital base will also support larger business tickets such as financing of greater size and volume of transactions while creating a stronger balance sheet and liquidity,” concluded Sheikh.
