Bahrain's Ahli United Bank (AUB) said it will accept Kuwait Finance House's revised share swap deal as the latter has received the central bank's approval to fully acquire the former's share capital.

Ahli United said in a statement on the Bahrain stock exchange on Wednesday that it will accept the revised share exchange ratio of 2.695 AUB shares for each of KFH's share. 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.

Meanwhile, a KFH disclosure on the Kuwait stock exchange on Wednesday said it has received approval of the Central Bank of Kuwait to acquire 100 per cent of the capital shares of Ahli United Bank.

The initial offer in 2019 was valued at $8.8 billion, with KFH offering one share for every 2.32558 shares in AUB.

(Writing by Brinda Darasha; editing by Seban Scaria)