Kuwaiti regulator rejects Warba Bank's acquisition of investment firm | ZAWYA MENA Edition:
Kuwait-based Warba Bank has said that its proposed acquisition of Kuwait & Middle East Financial Investment Company (KMEFIC) has not been approved by the country’s central bank.
KMEFIC is an asset management and financial services company listed on the Kuwaiti stock exchange.
In February this year, Warba Bank announced that it had signed a share purchase agreement with Ahli United Bank (AUB) and its subsidiary to purchase their collective shareholding of 75.72 percent stake in KMEFIC, subject to securing all regulatory approvals. The aggregate purchase price announced was 10.2 million Kuwaiti dinars ($33.5 million).
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