The plans, subject to shareholder and regulatory approvals, are still in the discussions phase and subject to the completion of due diligence by both parties.

If and when implemented, the plans will "significantly expand BBK’s already large operations in Bahrain and add a full-service Islamic banking solution, while also bolstering the already Ithmaar Bank brand and position it to better capitalize on opportunities for growth", it said in a statement on Dubai Financial Market.

It was on August 26 that the announcement was made regarding the potential acquisition.