Kuwait’s finance minister has tasked the country’s sovereign wealth fund study the feasibility of Kuwait Finance House taking over Bahrain’s Ahli United Bank, the state-run KUNA news agency has reported.
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The decision is a result of the impact of the coronavirus pandemic and the possibility of a global recession in its aftermath.
Earlier in April, Kuwait Finance House said that it would postpone the acquisition of Ahli United as a result of Covid-19.
When first announced in September 2019, the deal was valued at $8.8 billion.
The swap ratio is fair and the merger “will create substantial cost synergies in Bahrain and Kuwait,” Jaap Meijer, the Dubai-based head of research at Arqaam Capital, said by email at the time.
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