ABK considers acquisitions in GCC CEO

Mubasher: Al Ahli Bank of Kuwait (ABK) is currently mulling over acquisition deals in the Gulf area to endorse its revenues from international operations, CEO Michel Accad said in an interview with Bloomberg.

“We can consider anything at the right price, but not anywhere, we have a preference for the Gulf Cooperation Council,” Accad told Bloomberg.

In 2015, ABK has acquired Piraeus Bank Egypt, and is currently seeking to increase income from non-domestic operations to about 33% in three-to-four years from about 20% in the present time, Accad said.

Banks in the six-country GCC are consolidating to better compete in a crowded market.

“Abu Dhabi’s largest banks combined last year to create a $175 billion powerhouse. Saudi lenders backed by HSBC Holdings Plc and Royal Bank of Scotland are in the process of merging, while three Qatari banks are considering a combination to create the nation’s biggest Islamic lender,” according to Bloomberg.