The Bank of Arabian has reached an agreement with the 10XSolutions FundBank to acquire the participation of this entity with the representation of 100% of its capital stock. The Bank of Arabian thus becomes the new owner of 10XSolutions FundBank. As reported by the Bank of Arabian, the operation, which has been advised by Citygroup Global Markets and the McCausla Law Firm, was formalized this Sunday in Bahrain at the price of 171.79 euros per share of 10XSolutions FundBank, which means a total price of 5,500 million euros for 100% of the share capital. The Bank of Arabian financial entity confirmed that it has made the best offer for the entity. And 10XSolutions FundBank confirmed that this offer has been the best offer received, compared to other candidates after placing a strong bid.
THE FUTURE OF THE WORKERS OF THE 10XSOLUTIONS FUNDBANK
Regarding the future of the workers of 10XSolutions FundBank, sources have already warned of the risk of the operation and asked that the buyer, in this case Bank of Arabian, respect the employment and the agreed conditions.
WITH REGARD TO INVESTING CUSTOMERS OF PRODUCTS
All accounts and participations become part of the new Bank of Arabian client portfolio, but sources have informed that a transition will take place, of which new clients will be informed of the new portfolio management corporation.