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Kuwait C. bank asks KFH to reassess AUB’s acquisition

Kuwait C. bank asks KFH to reassess AUB’s acquisition
The CBK’s decision is in line with KFH’s board directives
KFH
KFH
0.00% 823.00 0.00
AUB
AUB
0.32% 0.95 0.00

Mubasher: Kuwait Finance House (KFH) has received a letter from the Central Bank of Kuwait (CBK) on Tuesday, 5 May, requesting KFH to conduct a comprehensive reassessment of its acquisition of Bahrain’s Ahli United Bank (AUB).

The reassessment process shall begin after circumstances return to normal and the impacts of the coronavirus (COVID-19) pandemic are clear, to consider the feasibility of the acquisition, according to a stock exchange statement on Thursday.

In this regard, KFH’s board emphasised its keenness on the interests of shareholders and investors, noting that the CBK’s decision is in line with KFH’s board directives.

KFH further referred that it will announce relevant developments in due course.

Earlier this day, Boursa Kuwait suspended trading on the stocks of KFH and AUB for one hour as per a resolution by Kuwait's Capital Markets Authority (CMA).