Home Industry Finance Kuwaiti lenders Boubyan Bank and Gulf Bank weigh merger The boards of two lenders have approved the proposal and the Central Bank of Kuwait was notified of their plans by Reuters July 31, 2024 Image credit: johan10/ Getty Images Kuwaiti lenders Boubyan Bank and Gulf Bank are weighing a merger to create a single Islamic bank with $53bn in assets as part of a plan to fuel growth and expansion. The boards of Boubyan Bank and Gulf Bank have approved the proposal, and the Central Bank of Kuwait was notified of their plans, the banks said in separate regulatory filings on Wednesday. Boubyan Bank and Gulf Bank said they plan to sign a memorandum of understanding and a non-disclosure agreement to proceed with due diligence and valuation discovery in addition to studying the feasibility of the proposal. Any transaction will be subject to approval from regulators, including the central bank, the filings said. Read: GCC banks show robust interest in global expansion, Fitch says Tags Boubyan Bank Central Bank of Kuwait Gulf Bank mergers and acquisitions You might also like Abu Dhabi’s ADQ reportedly plans to acquire Bank Audi’s Turkish unit UAE’s dnata looking at M&A deals Kuwait bans cryptocurrency, crypto mining and transacting in virtual assets Abu Dhabi’s IHC increases tech deals by 100% over last year, aims to launch tech holding arm
