Mubasher: Warba Bank on Wednesday announced that the Central Bank of Kuwait (CBK) has rejected its request to acquire Kuwait and Middle East Financial Investment (KMEFIC).

The CBK’s rejection will not affect the bank’s fiscal position, Warba said in a statement to Boursa Kuwait.

In mid-February, Warba Bank inked a deal with Ahli United Bank (AUB) to purchase a 75.72% stake in KMEFIC.

During the full-year 2018, Warba Bank’s profits surged 71% to KWD 12.74 million, from KWD 7.45 million a year ago.