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The merger will create the largest banking entity in Kuwait with assets of about $94 billion and the sixth largest bank in the Gulf region.
Tuesday 19, March 2019 BY KUDAKWASHE MUZORIWA
The Chairman of Kuwait Financial House (KFH) said that the due diligence process on the lender’s move to buy Bahrain’s Ahli United Bank (AUB) may take two to three months, reported Reuters.
The KFH-AUB merger deal was formalised in January and it is going to be the first major cross-border tie-up in the Gulf region in recent years.
The deal’s valuation report was prepared by HSBC and Credit Suisse.
KFH and AUB, which have been in merger talks since mid-2018, agreed on a preliminary exchange ratio of one KFH share for every 2.326 AUB shares but they have not revealed the share prices for the exchange ratio.