By Staff writer
Kuwait Finance House is reportedly evaluating offers from Qatar National Bank and at least one other party
Qatar National Bank, the Gulf's largest lender, is reportedly among suitors for Kuwait Finance House’s Malaysian operations.
Bloomberg reported on Tuesday that Kuwait Finance House is evaluating offers from Qatar National Bank and at least one other party, citing people familiar with the matter.
In May, Kuwait Finance House said it was exploring the possible sale of assets including its Malaysia unit, as the Islamic lender looked for a leaner structure.
Qatar National Bank has been expanding overseas to reduce its reliance on a home market of 2 million people and has spent $3 billion on acquisitions since 2012, according to Bloomberg.
Kuwait Finance House’s Malaysian unit had a book value of 1.7 billion ringgit ($395 million) and total assets of 10.5 billion ringgit at the end of December, Bloomberg added.
Kuwait Finance House, the first foreign Islamic bank to operate in Malaysia, is selling the business to focus on expansion in the Middle East and North Africa.