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Thu 23 Apr 2020 04:10 PM

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Kuwait to review KFH's acquisition of Bahrain's Ahli United

When first announced in September 2019, the deal was valued at $8.8 billion

Kuwait to review KFH's acquisition of Bahrain's Ahli United

Kuwait’s finance minister has tasked the country’s sovereign wealth fund study the feasibility of Kuwait Finance House taking over Bahrain’s Ahli United Bank, the state-run KUNA news agency has reported.

The decision is a result of the impact of the coronavirus pandemic and the possibility of a global recession in its aftermath.

Earlier in April, Kuwait Finance House said that it would postpone the acquisition of Ahli United as a result of Covid-19.

When first announced in September 2019, the deal was valued at $8.8 billion.

The swap ratio is fair and the merger “will create substantial cost synergies in Bahrain and Kuwait,” Jaap Meijer, the Dubai-based head of research at Arqaam Capital, said by email at the time.

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