SICO, the leading regional asset manager, broker, and investment bank with direct presence in Bahrain, the Kingdom of Saudi Arabia, and the UAE, today (July 4) announced the successful completion of the merger of its wholly-owned subsidiary, SICO Funds Services Company (SFS), into the bank, thus marking the final phase of a strategic integration initiative designed to further strengthen the Bank’s integrated operating model.
As part of the merger deal, SICO Funds Services Company, a separate legal entity, notified the Central Bank of Bahrain of its intention to voluntarily surrender its licence.
This followed the completion of all regulatory and legal requirements, including the transfer of all of the company’s business and operations to SICO and the liquidation of the company by a licensed liquidator, said a statement from SICO.
This merger process concluded with the Central Bank of Bahrain issuing its formal notice revoking the SFS licence.
The merger had no impact on the wholesale banking licence or ongoing operations of SICO.
According to SICO, the bank continues to operate and serve its clients as usual under its wholesale banking licence issued by the Central Bank of Bahrain.
Following the transfer of SFS’s business to the Bahrain-based investment bank, all fund administration, fund accounting, and custody services are now provided directly through SICO.
The integration further strengthens operational efficiency while providing clients with seamless access to a comprehensive suite of financial solutions under one institution, including asset management, investment banking, brokerage, market making, custody, and fund administration, it stated.
On the successful merger, SICO Group Chief Executive Officer Najla Al Shirawi said this marks an important milestone in SICO’s journey to further integrate its services and strengthen its business model.
“By merging SICO Funds Services Company, our previously wholly owned subsidiary, into the parent company, we have taken a strategic step to optimize capital utilization, enhance operational efficiency, and deliver an even better client experience,” she explained.
The merger, she stated, also enables SICO to unify resources, streamline processes, and achieve greater cost efficiency, while supporting its plans to develop a unified digital investor portal that will provide clients with easier and more seamless access to our services and the management of their investments.
“This milestone reflects SICO’s continued commitment to innovation, developing integrated financial solutions, and reinforcing its position as a leading regional financial institution,” she added.-TradeArabia News Service
