|09 October, 2019

Kuwait Finance House receives central bank’s approval to merge with AUB Bahrain

Kuwait Finance House will become the sixth-largest lender in the GCC after merger

View of Kuwait Central Bank building from across the fish market marina where old fishing boats are standing, Kuwait City - June 17, 2016. Image used for illustrative purpose.

View of Kuwait Central Bank building from across the fish market marina where old fishing boats are standing, Kuwait City - June 17, 2016. Image used for illustrative purpose.

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Kuwait Finance House (KFH) has received the approval of the Central Bank of Kuwait (CBK) concerning the full acquisition of Ahli United Bank – Bahrain (AUB Bahrain).

The approval is subject to the completion of some detailed requirements by the central bank, according to a disclosure by KFH to Boursa Kuwait on Wednesday.

KFH asserted that the final decisions will be liable to the approval of the ordinary general meeting (OGM) of KFH and AUB Bahrain. Furthermore, the decisions will be subject to the approvals of the Central Bank of Bahrain (CBB) and other competent authorities.

Any further developments will be announced in due course, KFH said, noting that there is no impact on the bank’s financial position in the present time.

On Tuesday, 8 October, the CBK approved the merger between KFH and AUB Bahrain on the condition of meeting some technical, legal, and procedural requirements in advance.

The Kuwaiti central bank affirmed its commitment to protect the competitiveness and achieve the highest transparency levels while complying with the provisions of the Islamic Sharia.

It is worth pointing out that once the merger is completed, KFH will become the sixth-largest lender in the GCC with assets exceeding $100 billion.

Source: Mubasher

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