Kamco Investment Company and Global Investment House, two firms operating in the Kuwaiti asset management and investment banking industry, have announced the signing of an agreement to cement merger talks and start the regulatory process.
Under the terms of the agreement, Kamco will be the merging entity and Global will be the merged entity to create a "leading pan-MENA non-banking financial services firm", according to a statement.
Kamco and Global said they will combine their accumulated two decades worth of knowledge and expertise to become a regional non-banking financial services powerhouse.
The merger is the largest of its kind in Kuwait’s investment landscape and will create the largest asset management and investment banking firm in Kuwait, with assets under management totaling $13 billion.
The companies also said the combined entity will serve thousands of clients from seven local offices.
Entisar Al-Suwaidi, vice chairman of Kamco, said: “We consider this strategic decision to merge with Global to be a significant step towards transforming the regional asset management and investment banking scene. Our goal is to become the preferred choice for our stakeholders.”
Faisal Mansour Sarkhou, chairman of Global, added: “We seek to establish a combined entity that aspires to be a regional leader within the non-banking financial services. We believe that this merger will result in creating the largest asset management and investment banking firm in Kuwait and among the top in the MENA region.”
He added: “We look forward to growing our operations, taking advantage of new opportunities in regional emerging capital markets, and tackling challenges more aggressively while achieving sustainable measurable results for our stakeholders."
The two companies will continue to operate independently, yet closely, until the merger is completed, the statement added.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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