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Monday, 29 May 2017

Kuwait Finance House Said in Talks to Buy Bahrain's Ahli United - Bloomberg

Kuwait Finance House Said in Talks to Buy Bahrain's Ahli United - Bloomberg:

"Kuwait Finance House KSCP is in talks to buy Bahrain’s Ahli United Bank BSC, a person familiar with the matter said, in a deal that would create one of the Middle East’s largest Islamic lenders with about $85 billion of assets.

KFH, as the lender is known, started discussions to acquire the Bahraini lender as well as its operations in Kuwait, the person said, asking not to be identified because the information is private. There is no guarantee that a deal will take place and final agreements haven’t been reached with any of the parties, the person said.

Lower oil prices are forcing Gulf lenders to consolidate for scale and to better compete in a crowded market. Abu Dhabi lenders National Bank of Abu Dhabi PJSC and First Gulf Bank PJSC recently merged to create a regional powerhouse with $175 billion of assets. Qatar’s Masraf Al Rayan QSC is planning to combine with unlisted Barwa Bank QSC and International Bank of Qatar QSC in a three-way merger to create the country’s largest Islamic lender."



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