Gulf Bank has signed a memorandum of understanding with Boubyan Bank for a potential merger, aiming to create a unified Shariah-compliant entity. The agreement signifies the commencement of independent feasibility studies. The merger proposal has been approved by the boards of both banks and has received clearance from the Central Bank of Kuwait to hire consultants. The announcement follows a declaration in July about the intention to form an Islamic bank through a merger.
Banking, Finance, Islamic Finance,Kuwait
https://www.zawya.com/markets/equities/kuwaits-gulf-bank-signs-mou-on-potential-merger-with-boubyan-bank-ie0pc0ku