UPDATE 1-Kuwait Finance House shareholders approve Bahrain's AUB takeover - chairman - Reuters:
Kuwait Finance House’s shareholders have approved the acquisition of Bahrain’s Ahli United Bank, KFH’s chairman said on Monday, stepping closer to completing the Gulf’s first major cross-border bank merger in recent years. KFH’s Chairman Hamad Abdulmohsen al-Marzouq said the merged entity would have assets of $101 billion and shareholder equity of $10.5 billion, with an annual forecast profit of $1.5 billion, based on past performance.
KFH announced its plan to take over the Bahraini lender early last year after merger talks since mid-2018.
Bank mergers have picked up pace in the region after two of the United Arab Emirates’ biggest banks linked up to create First Abu Dhabi Bank in 2018.
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