Kuwait Finance House: The Exchange Rate Decision In The Ahli United Deal In Two Weeks

[yota691]

ECONOMIE

Kuwait Finance House: The Exchange Rate Decision In The Ahli United Deal In Two Weeks

By Reuters On October 22, 2018

KUWAIT CITY: The board of directors of the Kuwait Finance House (KFH) will make its final decision on the exchange rate of Ahli United Bank in Bahrain within two weeks at the latest, the chief executive of Kuwait Finance House said on Monday.

Kuwait Finance House (KFH), Kuwait's largest Islamic bank, has received the adviser's study on the exchange price of the merger in days ago, Mazin al-Nahed told reporters. But declined to disclose the price suggested in the study.

He said the deal was awaiting the decisions of the boards of directors of the two banks on the approval or non-approval of the exchange rate.

In July, the banks signed a memorandum of understanding and information confidentiality to start the assessment, investigation and other actions necessary to "create a single banking entity" with HSBC and Credit Suisse selecting a "fair exchange rate".

KIA, which manages Kuwait's sovereign fund, owns 24.08% of Kuwait Finance House.

On the other hand, Al-Raim said today that the position of the Bank's unit in Turkey is stable and that the net profits of the Lira depreciation will be limited due to the growth of the unit's financing portfolio.

 

[Texstorm]

Thanks Yota ! Let's hope it spills over to Iraq ! Go DV ! Go RV ! 

[gregp]

Ahli group company’s;

    1- Commercial Bank of Iraq 

    2- Ahli Bank.  SAOG

     3-Al Hilal Life

 

Thanks Yota.