Bahrain-based Al Salam Bank, an Islamic lender, has announced that it has signed a final deal with Kuwait Finance House (KFH) to acquire the latter's entire stake in KFH-Bahrain.

KFH-Bahrain is a wholly owned subsidiary of KFH Group, an Islamic financial institution based in Kuwait.

The final agreement, subject to regulatory approvals, will see Al Salam Bank take full control of KFH-Bahrain.

Al Salam Bank said once the acquisition is completed, an integrated plan will be developed to seamlessly unify relevant operations of the two banks.

It added that if would reveal further information on the acquisition and potential changes to its operation after obtaining the required approvals.

In the meantime, customer services will continue as normal, it added.