KFH calls on Bahrain’s AUB for possible merger

KFH calls on Bahrain’s AUB for possible merger
KFH calls on Bahrain’s AUB for possible merger
KFH
KFH
-1.66% 650.00 -11.00
AUB
AUB
1.27% 0.80 0.01

Mubasher: Kuwait Finance House (KFH) has called on Ahli United Bank (AUB) to sign a memorandum of understanding (MoU) and information confidentiality agreement.

The MoU calls for conducting a study and evaluation for a possible merger between the two banks to create an entity that keeps pace with rapid developments in the banking sector around the world, according to a bourse statement on Monday.

KFH clarified that the study may not result in an agreement with Bahrain-based AUB, noting that the deal was pending regulatory approvals in Kuwait and Bahrain.

KFH also said it would disclose any essential developments in this matter accordingly, but there was no financial impact at the current time.

Meanwhile, AUB Bahrain said it had received a call for conducting the study with KFH, and that it would announce any developments in this regard once an agreement is reached.