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Kuwait Finance House completes merger with Ahli United Bank of Kuwait

Wednesday, February 28, 2024
Kuwait Finance House completes merger with Ahli United Bank of Kuwait

Chairman of Kuwait Finance House (KFH) Hamad Al-Marzouq announced the successful completion of its merger with Ahli United Bank of Kuwait (AUB), marking the first-ever project in Kuwait's banking sector.

Al-Marzouq expressed his deepest gratitude to everyone involved in the merger project, acknowledging the length and complexity of the process and emphasizing that the unwavering support of the employees is what made it possible.

He welcomed the AUB teams to their new home at KFH, noting that the two banks united as a single team, with a unified banking identity and a shared Sharia vision, adding that "we look forward to their valuable contributions as they become key members of the KFH team."

Al-Marzouq said that KFH holds the top position as the largest bank in Kuwait and the world's second-largest Islamic bank by total assets, which stood at KD 38.01 billion in 2023.

He also added that KFH holds the top spot for market capitalization in Kuwait, exceeding KD 12 billion, and the highest traded liquidity on Kuwait's Boursa, surpassing all other listed companies, groups and banks.

In 2023, KFH achieved a record net profit of KD 584.5 million attributable to the shareholders, marking the highest profit ever recorded in Kuwait's banking sector and reflecting a strong 63.4 percent increase from the previous year," Al-Marzouq said.

He continued, "As we step into this era, the world's attention turns to us, spotlighting our united Sharia and vision, adding that this merger is not just a landmark for us, but it sets the stage for a new global Islamic banking era led by KFH."

Al-Marzouq explained that the merger will enable KFH to enhance its services, significantly contribute to economic diversification, and support Kuwait's development plans.

It will also allows KFH to create quality jobs in the local market as the newly merged unit is in Kuwait, in addition to the organization's expansion that requires more employees and may require sending some employees abroad to support the Group's operations in other markets, he continued.

He indicated that the acquisition contributed to boosting KFH's capability to employ the best competencies and support national manpower, with 400 national employees hired during 2023, thus the Kuwaitisation ratio exceeded 81%, in addition to appointing national employees to leadership positions during the year. Al-Marzouq added, "Our focus now shifts to the integration phase as we blend our operations, systems, and client base, we are set to pave the way for new success defined by innovation, digital advancement, and ethical professionalism, catering to the growing needs of our diverse multinational clientele."

"Enhancing the presence of a giant banking group, we gain greater cross-border competitive capabilities that expand its presence across many markets, noting that KFH Group spans 12 geographical locations, chief among them is Kuwait, Bahrain, Turkey, Germany, Egypt, United Kingdom, Malaysia, among other strategic markets," he concluded.


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