Preliminary discussions with Investment Al-Dar

The International Investor today (24 October 2001) issued the following statement in response to enquiries from the Kuwait Stock Exchange and the media:

The International Investor confirms that Adnan Al Bahar, TII chairman and managing director, has held informal talks with Adnan Musallam, vice chairman and managing director of Investment Al-Dar, a leading Kuwaiti Islamic consumer finance house. During these talks they discussed areas of mutual interest and exchanged views on future trends in the regional banking and financial services industry.

Adnan Al Bahar, TII chairman and managing director, said:
"First, let me thank Adnan Musallam for his blessing and very positive endorsement of TII's asset-merger deal with Dallah Albaraka Group. Adnan is a close and dear friend, and I value his opinions. We share a similar view about the need for consolidation within the regional banking industry.

“Secondly, I can confirm that we touched on the possibility of a merger between TII and Investment Al-Dar during our talks, and we have agreed to follow up our discussions at a later date.

“Thirdly, I would like to state that TII has not issued any formal proposal or offer to Investment Al-Dar.”