Finance Kuwaiti lenders propose merger to create $50bn Islamic bank By Pramod Kumar August 1, 2024, 6:39 AM Reuters/Stephanie McGehee A view of the Kuwait Central Bank. The two lenders have informed the central bank about starting potential merger talks Boubyan Bank and Gulf Bank, two of the largest Kuwait-listed shariah-compliant lenders, are set to commence an initial feasibility study for a potential merger. The merged entity will be among the largest Islamic banks with more than $50 billion in assets. NewsletterGet the Best of AGBI delivered straight to your inbox every week NewsletterGet the Best of AGBI delivered straight to your inbox every week In separate statements to Boursa Kuwait, the two lenders said they will conduct due diligence and valuation studies following approvals from their boards and the Central Bank of Kuwait. Boubyan holds assets worth KD8.9 billion ($29 billion) and a market capitalisation of KD2.5 billion. The National Bank of Kuwait is one of its largest shareholders, Bloomberg reported. Boursa Kuwait’s earnings rise on higher trading volumes Regional debt issuance boosts Islamic bond take-up Sharia index is tentative step for Islamic finance in Egypt Gulf Bank assets are valued at KD7.4 billion with a market valuation of KD1.2 billion. Alghanim Trading Company owns one-third of the bank, the news agency said. Shares of Gulf Bank closed 5 percent higher at 311, while Boubyan ended 4 percent higher at KD592 on Wednesday. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
