Mubasher: Warba Bank has signed an agreement with Ahli United Bank (AUB) to buy 75.72% stake in Kuwait and Middle East Financial Investment Company (KMEFIC).

The deal will be closed following the receiving of all regulatory approvals, Kuwait News Agency (KUNA) reported on Saturday. 

The transactions’ value was not revealed.

"[This deal] stems from our strategic growth initiative which calls for [the] establishment of an asset and wealth management platform that positions the bank to provide an integrated financial product offering to its retail and institutional customers,” Warba Bank's CEO Shaheen Hamad Al Ghanem commented.

Mahmood Tareq AUB’s acting CEO said that the deal would have a positive impact, which will play in favour of the bank’s shareholders and customers.