Warba Bank denied Kuwaiti asset manager acquisition

Denied_stampThe Kuwait Central Bank has withheld its approval for Warba Bank’s planned acquisition of asset management firm Kuwait & Middle East Financial Investment Company (KMEFIC). The Kuwaiti investment bank had signed a share purchase agreement to acquire a 75.72% stake in KMEFIC from Ahli United Bank back in February for $33.5 million.  Warba Bank’s profits rose by 71% in 2018, from $24.48 million in 2017 to $41.86 and the proposed acquisition coincided with a notable rise in consolidation in the region’s banking sector. Abu Dhabi Commercial Bank and Union National Bank completed a merger earlier this month while Dubai’s Arqaam Capital and Abu Dhabi-based The National Investor (TNI), are currently in talks over a possible merger. A statement from Warba released to Boursa Kuwait stated that the central bank’s decision will “not have a significant effect” on its financial position. ©2019 funds global mena

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