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CBK rules out merger with other bank in meantime – CEO

CBK rules out merger with other bank in meantime – CEO
CBK is expected to improve its earnings this year
CBK
CBK
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Mubasher: The Commercial Bank of Kuwait (CBK) does not plan to merge with any lender in the meantime, the bank’s CEO told CNBC Arabia.

CBK may revisit the merger in the next few years, especially after the wave of consolidation in the banking sector, coupled with the challenges that will face small banks to compete with major lenders, Elham Mahfouz said.

The CEO expects CBK to improve its earnings this year on the back of projects and tenders offered by the Kuwaiti government.

CBK last reported a 15% year-on-year rise in profits during the full-year 2018, recording KWD 63.75 million, from KWD 55.43 million.