Kuwait’s Al Ahli Bank announced today that its board of directors decided in its yesterday’s meeting to approve the start of due diligence work on a joint cooperation and acquisition deal proposed by Al Ahli and Gulf banks’ main shareholders.
On June 14, the two banks announced that they are exploring prospects for one of them to acquire the other, with the potential to convert either of them into one Sharia-compliant financial institution.
Al Ahli noted in a statement to the Kuwait Stock Exchange that any material developments in this regard will be disclosed at the appropriate time.
On Thursday, Gulf Bank announced the Board of Directors’ approval to begin due diligence work and obtain the necessary approvals from the Central Bank of Kuwait and regulatory authorities on the same matter with Kuwait’s Al Ahli.
