Bahrain - Kuwait Finance House (KFH) has moved a step closer to acquiring Ahli United Bank (AUB) in what would be one of the biggest bank deals in the region.

The Kuwait-based Islamic lender issued two documents to Bahrain’s largest lender, which said in a filing to Bahrain Bourse that it received a notice of KFH’s firm intention to make an offer and an offer document to acquire up to 100 per cent of the issued shares of AUB by way of share swap.

Earlier this month, AUB said it would accept KFH’s revised offer of one share for every 2.695 shares of AUB.

The banks did not give a value for the potential transaction but according to a Bloomberg report the deal is valued at about $11.6 billion.

AUB also said it has appointed Citigroup Global Markets as advisor on the deal.

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