Khaleeji Commercial Bank (KHCB), a key Islamic retail bank majority owned by Gulf Finance house, has signed a MoU with Bahrain-based Islamic lender Bank Al Khair to study the feasibility of merging the two institutions into a larger financial institution.
A steering committee with members from both banks is being set up to conduct the due diligence and to pursue the transaction, subject to obtaining the respective shareholder’s approval and seeking the necessary regulatory consents.
Since its establishment in 1999, GFH has distinguished itself by managing and placing investment in the Mena region.
The company’s activities are focused on development of Islamic Financial Institutions, Infrastructure Projects, Private Equities, and Asset Management.
GFH is listed on the Kuwait Stock Exchange, the Bahrain Stock Exchange, the Dubai Financial Market and the London Stock Exchange in the form of a GDR.