Kuwait Bank Seeks Talks to Create Islamic Lender With $92 Billion in Assets - Bloomberg

Kuwait Bank Seeks Talks to Create Islamic Lender With $92 Billion in Assets - Bloomberg:

Kuwait Finance House KSCP wants to hold renewed talks with Bahrain’s Ahli United Bank BSC about a takeover, a potential boost to the island kingdom as it seeks financial support from richer neighbors.

Shares in Ahli United Bank, or AUB, rose 6.8 percent on Tuesday to the highest levels since April last year, valuing the Manama, Bahrain-based lender at $5.66 billion. KFH declined as much as 1.3 percent for a market value of about 3.88 billion dinar ($12.8 billion).

KFH said Monday that it contacted AUB about “establishing a new banking entity.” Bloomberg News in May last year reported that the banks began talks, aiming to create an entity with about $92 billion of assets, but those talks foundered about six months ago over valuation differences.