DUBAI: Bahrain's Al Salam Bank has extended its takeover offer for Bahraini Saudi Bank (BSB) to July 12 after buying 80.2 per cent of the bank in an offer that expired June 28, Al Salam said yesterday.

Al Salam offered to pay BD27 million ($71.62m) to take over BSB.

The acquisition is one of the first this year in the Gulf region.

Some analysts say smaller players are ripe for consolidation as they look for ways to weather the fallout of the financial crisis.