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Kuwait's Al Ahli Bank seeking potential acquisition opportunities in GCC

Al Ahli Bank of Kuwait KSCP is seeking potential acquisition opportunities, with a particular preference for institutions in the Gulf Cooperation Council, CEO Michel Accad told Bloomberg News.

Accad told the newswire that Al Ahli Bank will "consider anything at the right price," while also noting the bank is looking to increase income from nondomestic operations to about 33% in three to four years from the current level of roughly 20%.

Accad added Al Ahli Bank has excess capital and liquidity and is keen to participate in more of Kuwait's development projects. The bank is joint lead manager for two local projects with a combined value of 790 million Kuwaiti dinars, according to Accad.

In November 2015, the lender completed a deal for Al Ahli Bank of Kuwait - Egypt SAE, formerly known as Piraeus Bank - Egypt, for $150 million. Al Ahli Bank, which has 31 local branches, operates 39 branches across Egypt and two in the United Arab Emirates, according to the May 29 Bloomberg report.

As of May 28, US$1 was equivalent to 0.30 Kuwaiti dinar.