Kuwait-listed Gulf Bank and Warba Bank have appointed advisors to conduct feasibility studies and due diligence for a potential merger.

Warba Bank stated that Bain & Company will serve as the management consultant, J.P. Morgan as lead financial advisor, Al Shall Consulting as local investment advisor, Clifford Chance as lead legal advisor, and Al Tamimi & Co. as local legal advisor.

Gulf Bank announced the appointment of Goldman Sachs as investment consultant, McKinsey Kuwait For Management & Consultancy as commercial consultant, PwC as financial and tax consultant, International Counsel Bureau as local legal consultant and Freshfields Bruckhaus Deringer Law Firm as global legal consultant.

The two lenders have secured approvals from the Central Bank of Kuwait for these appointments, the statements said.

In May, Gulf Bank and Warba Bank announced plans to explore a potential merger, which could lead to the creation of one of the largest Shariah-compliant banks in the Gulf country with assets worth KWD13 billion.

(Editing by Seban Scaria seban.scaria@lseg.com)