|13 February, 2019

Kuwait central bank gives initial nod to KFH, AUB Bahrain merger

KFH and AUB Bahrain signed an agreement to merge their operations in 2018

Image used for illustrative purpose. Salem Al-Mieh (L) and Jassem Al-Kandari work the phones at a brokerage firm in the Kuwait stock exchangeDecember 1, 2002 in Kuwait City, Kuwait. With the possibilities of war in Iraq looming investors are unsure what that will do to the market.

Image used for illustrative purpose. Salem Al-Mieh (L) and Jassem Al-Kandari work the phones at a brokerage firm in the Kuwait stock exchangeDecember 1, 2002 in Kuwait City, Kuwait. With the possibilities of war in Iraq looming investors are unsure what that will do to the market.

Getty Images/Joe Raedle

Kuwait Finance House (KFH) announced that the Central Bank of Kuwait (CBK) has granted its initial approval for the merger with Ahli United Bank – Bahrain (AUB Bahrain), according to a bourse disclosure on Wednesday.

In January, KFH said it gave initial approval for the average of stock exchange with AUB Bahrain at a rate of 2.33 shares of AUB’s in return for one share in KFH.

In July 2018, KFH and AUB Bahrain signed an agreement to merge their operations with assets valued at $92 billion.

 

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