Bahrain’s Al Baraka Banking Group is planning an initial public offering (IPO) in 2019 in order to fund its expansion plans, CEO Adnan Yusuf told Al Arabiya TV channel in an interview.
The expansions will also be financed through proceeds of the bank’s recently launched Tier 1 $400 million sukuk, Yusuf said.
The group intends to enter the Indonesian, Chinese and East African markets by acquiring existing lenders, he said.
Al Baraka had already initiated talks in Indonesia but got stalled amid weak currency and trade tensions affecting the emerging markets.
The bank plans to start talks to enter China by the end of next year, but is concerned about the expected decline of the Yuan, the CEO said.
Al Baraka also plans to open 30 new branches in Morocco over the next five years through subsidiaries it set up five months ago in the North African country, he added.
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