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Press Dossier   News Category    Economy    Kuwaiti lenders Boubyan Bank and Gulf Bank weigh merger

Arab News, Thu, Aug 01, 2024 | Muharram 26, 1446

Kuwaiti lenders Boubyan Bank and Gulf Bank weigh merger

Kuwait: Kuwaiti lenders Boubyan Bank and Gulf Bank are weighing a merger to create a single Islamic bank with $53 billion in assets as part of a plan to fuel growth and expansion.

The boards of Boubyan Bank and Gulf Bank have approved the proposal, and the Central Bank of Kuwait was notified of their plans, the banks said in separate regulatory filings on Wednesday.


Boubyan Bank and Gulf Bank said they plan to sign a memorandum of understanding and a non-disclosure agreement to proceed with due diligence, valuation discovery, and studying the feasibility of the proposal.


Any transaction will be subject to approval from regulators including the central bank, the filings said.

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