MANAMA: Kuwait Finance House - Bahrain (KFH-Bahrain) is advising three local Islamic investment banks that are looking to merge. Speaking at the opening of KFH-Bahrain's ninth branch at Isa Town Mall yesterday, managing director and chief executive officer Abdulhakeem Alkhayyat said that when the three banks merged they would create a new entity with a capital of $400 million and assets of $500m which would give them a scale which would make them more competitive in the market.
He declined to name the banks but said an announcement about the merger would likely be made in the near future.
"Industry is recovering because the government is investing and spending money in the housing market and giving additional support to small and medium sized companies while helping the economy by increasing government salaries," he said.
"That is helping the banking sector and other industries to achieve growth."
The bank continued to broaden its presence in Bahrain's competitive banking sector and strengthened its expansion plans with the official opening of its branch at Isa Town Mall.
Mr Alkhayyat along with senior bank officials and high-profile invited guests officially inaugurated the Isa Town branch.
"We are delighted with the opening of this branch as we will be able to provide our customers in Isa Town with an enhanced banking experience by offering them even greater convenience and flexibility at all times," Mr Alkhayyat said.
Each of KFH-Bahrain's nine branches utilise state-of-the-art technologies to serve their customers swiftly and efficiently with high-quality products and services that are Sharia-compliant.
"Thanks to a strategic initiative adopted to expand KFH-Bahrain's presence in the local market, our customer base is growing at a rapid pace," said executive manager and head of the banking group Khalid Rafea.
"We are also committed to ensuring that our customers are able to make better choices in how and where they conduct their banking activities."