May 11, 2016 / 5:26 AM / 4 years ago

CORRECTED-Bahrain's Al Baraka awaits regulatory nod for Morocco entry

(Corrects May 11 story to show bank is awaiting regulatory approval)

May 11 (Reuters) - Bahrain-based Al Baraka Banking Group will establish a banking unit in Morocco once it receives approval from local authorities, the Islamic lender said in a statement, adding it aimed to launch the new business soon.

The bank, which has operations across the Middle East, Asia and Africa, said entry to the Morocco market would significantly help diversify assets and income sources for the group.

“We are working now to complete the establishment procedures, and we hope to launch it soon.”

Al Baraka has explored the Moroccan market since 2013 when it said it planned to make an estimated $100 million capital investment in the country.

In contrast with peers in the Gulf, Al Baraka has built the bulk of its business outside of the region, including units in Pakistan, Turkey, Egypt, Tunisia and South Africa. (Reporting by Bernardo Vizcaino; Editing by Kim Coghill)

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