November 15, 2021
Markets

GFH to buy 100% of Khaleeji Commercial Bank to boost its portfolio

GFH Financial Group, an investment bank based in Bahrain, plans to acquire 100 per cent of Khaleeji Commercial Bank (KHCB) to boost its portfolio and expand its operations, it said in a regulatory filing on Sunday.

The Bahrain lender submitted an offer to the board of KHCB to acquire 21.03 per cent of the its shares, which it currently does not own, by way of shares exchange, GFH said in a statement to Dubai Financial Market, where its shares are traded.

“GFH intends to maintain KHCB’s commercial registration and vocation as an Islamic retail bank,” GFH said. “KHCB will continue to operate under its normal course of business and maintain its operations as a subsidiary of GFH.”

GFH, which has more than $12 billion in assets and funds under management, increased its shareholding in KHCB earlier this year to more than 69 per cent after it bought shares from Dubai-based Shuaa…

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