RIYADH: Kuwait Finance House said it has received the Central Bank of Bahrain approval for its acquisition of Bahrain’s Ahli United Bank.
As of July 6, JFH has agreed to fully acquire Ahli United Bank for $11.6 billion, according to Bloomberg.
KFH seeks to offer one share per 2.695 shares of Ahli United, implying a $1.04 offer price
Through the merger, the Gulf will have its seventh-largest lender worth $115 billion, a rare cross-border acquisition.
KFH states that the final decision must be approved by both banks’ general assemblies.