Top Bahrain Islamic banks in merger talks
Manama, June 3, 2013
Khaleeji Commercial Bank (KHCB), a key Islamic retail bank majority owned by Gulf Finance house, has signed a MoU with Bahrain-based Islamic lender Bank Al Khair to study the feasibility of merging the two institutions into a larger financial institution.
A steering committee with members from both banks is being set up to conduct the due diligence and to pursue the transaction, subject to obtaining the respective shareholder’s approval and seeking the necessary regulatory consents.
Since its establishment in 1999, GFH has distinguished itself by managing and placing investment in the Mena region.
The company’s activities are focused on development of Islamic Financial Institutions, Infrastructure Projects, Private Equities, and Asset Management.
GFH is listed on the Kuwait Stock Exchange, the Bahrain Stock Exchange, the Dubai Financial Market and the London Stock Exchange in the form of a GDR.-TradeArabia News Service
More Finance & Capital Market Stories
- GIH picks ex-Barclays banker as investment head
- Jeddah Economic Company names new CEO
- Saudi real GDP growth surges to 3.1pc in Q3
- UAE business activity growth hits record high
- Global Islamic banking assets ‘set to top $1.7trn’
- Egypt back in business, says new survey
- United Arab Bank backs UAE-Turkey business
- Islamic finance 'facing integration challenge'
- Bahrain tops in developed Islamic finance sector
- DME sets new trading records