Mubasher: Al Ahli Bank of Kuwait (ABK) concluded a buy and sell agreement on 31 January 2020 for the full acquisition of Bank & Clients, a UK fully licensed bank.
The acquisition will be subject to the approvals of regulatory authorities in Kuwait and the UK, according to a bourse statement on Monday.
The Kuwaiti bank further noted that the deal’s material impact cannot be determined in the present time and will be announced later on after the completion of the sale transaction.
It is worth mentioning that during the first nine months of 2019, ABK reported net profits of KWD 15.428 million, sliding by 43% year-on-year from KWD 27.058 million.
