Shamil Bank, a wholly-owned subsidiary of Ithmaar Bank, a full service investment bank, has cancelled its Standard & Poors (S&P) ratings.

The S&P had on Wednesday affirmed its 'BBB-/A-3' ratings on Shamil Bank and said  the outlook on the ratings remains negative.

The ratings were subsequently withdrawn at the bank's request, the S&P later said.

As a result of the withdrawal, Shamil will no longer be subject to Standard Poor's review. At the moment of the ratings withdrawal, the bank had no rated debt outstanding.

Ithmaar Bank currently plans to offer Shamil Bank to Bank of Bahrain and Kuwait (BBK) by swapping its holding in Shamil for new BBK shares.

Ithmaar owns a 25.4 per cent stake in retail bank BBK and fully owns Shamil Bank. The move would probably give Ithmaar a majority holding in BBK if it goes ahead.-TradeArabia News Service