Mubasher: Kuwait Finance House (KFH) intends to change the name of Ahli United Bank (AUB) to Kuwait Finance House – Bahrain (KFH Bahrain) following the merger once the bank determines the proper timing.
AUB will continue to operate normally and will maintain its operations as a fully-owned subsidiary of KFH, according to a statement to Bahrain Bourse (BHB) on Thursday.
Following the merger, KFH will convert AUB's operations in Bahrain, Egypt, Iraq, and the UK to a Sharia-compliant business, subject to the approval of the Central Bank of Bahrain (CBB).
KFH will further convert AUB’s subsidiary in Kuwait, Ahli United Bank - Kuwait (AUB Kuwait), to a digital bank as previously requested by the Central Bank of Kuwait (CBK). Additionally, the Kuwaiti bank will commence with legal merger procedures to merge its subsidiaries in Bahrain, namely AUB and KFH Bahrain.