First Islamic Bank has announced that from March 15th it will be known as Arcapita Bank BSC. The bank said in a statement that uniting its businesses under a common identity was a key part of its strategy to become a leading international financial institution, and that a new logo and corporate identity would be introduced in the coming months.
Its US and UK-based private equity arms, Crescent Capital Investments and Crescent Capital Investments (Europe), are to be known as Arcapita Limited.
Founded in 1998, First Islamic is a Bahrain-based investment bank, which also has offices in Atlanta and London. The bank operates according to Islamic law, which bans paying or charging interest, considered usury by many Muslims.
It recently announced it had generated a net income of $70.5 million (€53.2 million) for the year to December 31st, and has a balance sheet worth more than $1.2 billion.
Crescent Capital Investments is the bank’s wholly owned private equity subsidiary. Last year its investments included the £142.6 million (€206.8 million; $274.1 million) acquisition of South Staffordshire water company; the $380 million acquisition of friend chicken franchise Church’s Chicken; and, alongside Englefield Capital, the £400 million roll out of National Wind Power’s UK windfarm programme.