Bank of Bahrain and Kuwait B.S.C. (BAX:BBK) signed a memorandum of understanding to acquire Bahrain operations from Ithmaar Bank B.S.C. on September 14, 2020. The transaction will also include specific assets of IB Capital. The transaction is subject to shareholders’ approval, regulatory approvals and completion of due diligence by both the parties. As of November 11, 2020 Bank of Bahrain and Kuwait B.S.C. announced that its Boards of Director meeting to be held on November 12, 2020 to discuss memorandum of understanding. As of November 16, 2020, Bank of Bahrain and Kuwait B.S.C. announced that its Boards of Director has postponed the meeting which was supposed to be held on November 12, 2020 to November 17, 2020. As of April 14, 2021, extension of the validity of the MOU for a further of 3 month period starting from March 14, 2021. KPMG Corporate Finance acted as financial advisor and Hassan Radhi & Associates acted as legal advisor to Ithmaar Holding B.S.C. Freshfields Bruckhaus Deringer LLP acted as legal adviser for BBK. Ey Consulting Ltd acted as due diligence provider to Bank of Bahrain and Kuwait. Emirates NBD Capital Limited acted as due diligence provider to Bank of Bahrain and Kuwait. Bank of Bahrain and Kuwait B.S.C. (BAX:BBK) cancelled the acquisition of Bahrain operations from Ithmaar Bank B.S.C. on July 5, 2021. As per the transaction, following preliminary due diligence and discussions, both parties could not agree on amicable terms and conditions that would maximise their shareholders' interests.