The board of Kuwait Finance House KSCP has approved the due diligence report on its proposed takeover of Bahrain-based Ahli United Bank BSC.
It has also approved the final share swap ratio for the deal, in which KFH will offer 1 of its own share for every 2.325581 shares in Ahli United.
The all-share deal will result in a combined entity with $92 billion in AUM — potentially becoming the Gulf region's sixth-largest lender.
In August, Ahli United Bank completed due diligence on the merger, which was first announced in January. The deal has also been approved by Kuwait's Public Institute for Social Security.
