significantly transform the group’s operations. The erstwhile Ithmaar Bank B.S.C. held an Islamic retail bank license. The plans, which were proposed by formerly named Ithmaar Bank B.S.C. Board of Directors and approved by shareholders at an Extra Ordinary General Assembly involved Ithmaar Holding retaining 100 percent ownership of all assets previously owned by Ithmaar Bank through two subsidiaries, Ithmaar Bank B.S.C (c) (Ithmaar Bank), an Islamic retail bank subsidiary which holds the core retail banking business, and IB Capital B.S.C. (c), an investment subsidiary which holds investments and other non-core assets. The two subsidiaries are licensed and regulated by the CBB.