Mubasher: The chairman of Kuwait Finance House (KFH), Hamad Abdulmohsen Al Marzouk stressed that the bank focuses on merger and acquisition opportunities, CNBC Arabia reported on Monday.
He noted that KFH’s merger with Bahrain’s Ahli United Bank (AUB) will lead to more sustainable growth and profits while contributing to lower costs.
The merger will create the largest Islamic bank worldwide in terms of assets, and the second in terms of deposits following the Saudi Al Rajhi Bank.
Meanwhile, the ordinary general meeting (OGM) of KFH approved listing the bank on Bahrain Bourse (BHB) following the merger as per the requirements of Bahraini monitoring authorities. AUB’s trading on BHB represents 44% of the total trading volume, according to CNBC.
Additionally, KFH’s extraordinary general meeting (EGM) approved the board’s recommendation to acquire AUB’s capital with an exchange ratio of 2.32 shares of AUB for one share of KFH.