Bahrain-based Gulf Finance House (GFH) is studying options to merge its affiliate, Khaleeji Commercial Bank (KCB), with other Bahraini banks, it said on Wednesday.
GFH, which has undergone a number of debt restructurings since 2009, currently owns 47 percent of KCB, which would be worth around 23.3 million dinars ($61.8 million) at current market value.
"GFH is currently studying a number of options to merge Khaleeji Commercial Bank with other banks in Bahrain to create a bigger and stronger bank," GFH said in a bourse filing in Dubai, where it is also listed.
UPDATE 1-Bahrain's GFH eyes Khaleeji Commercial Bank affiliate merger | Reuters
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