Kuwait Finance House Said to Weigh Sale of Malaysian Operations - Bloomberg Business

Kuwait Finance House Said to Weigh Sale of Malaysian Operations - Bloomberg Business:



"Kuwait Finance House KSC, the first foreign Islamic bank to operate in Malaysia, is weighing a sale of its operations in the Southeast Asian nation, people familiar with the matter said.



Kuwait Finance House is working with Credit Suisse Group AG to consider strategic alternatives for the Malaysian business, the people said, asking not to be identified as the process is private. The unit has a book value of 1.7 billion ringgit ($478 million), according to its 2014 annual report.



The possible disposal comes after Kuwait Finance House said in March it will focus on expansion in the Middle East and North Africa. Banks in the six-member Gulf Cooperation Council will increase total loans about 10 percent this year as they take advantage of the region’s strong growth prospects, ratings company Standard & Poor’s wrote in an Oct. 13 report."



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