Business
SNG: Kuwait: Warba Bank signs full acquisition of Alghanim Trading Company
SNG: Kuwait: Warba Bank signs full acquisition of Alghanim Trading Company
About this update from Gulf Bank K.s.c.
Staff WriterKUWAIT CITY - Following final approvals from regulatory and supervisory authorities, including the Capital Markets Authorityand the Central Bank of Kuwait, Warba Bank today announced it has signedthe agreement to fully acquire Alghanim Trading Company W.L.L.The strategic transaction supports the Bank’s expansion into vital sectors and further diversifies its investment portfolioin line with its long-term vision for sustainable growth, while protecting the interests of shareholders, customers and the wider community.The transaction, valued at KD 498.2 million, results in Warba Bank indirectly owning 32.75% of Gulf Bank’s capital.Chairman of Warba Bank, Hamad Musaed AlSayer, said:“The completion of Warba Bank’s full acquisition of Alghanim Trading marks an exceptional milestone that reflects the strength of our strategic direction and future-focused growth plan. This step is not only an expansion of the bank’s assets in size and value, but also a reaffirmation of our commitment to delivering added value to our shareholders and customers, and to reinforcing our leadership position in the Islamic banking sector both locally and regionally. It empowers us to provide advanced, innovative services that meet customer aspirations and the evolving needs of the market, today and tomorrow.”He further emphasized that the full acquisition represents a decisive strategic step toward realizing the bank’s vision of becoming a key player in supporting Kuwait’s national economy by diversifying its business activities and strengthening its presence in value-generating sectors.“We are proud of this milestone transaction, which aligns with our long-term strategy and confirms our commitment to building a multi-sector, resilient and high-growth Islamic financial institution capable of generating sustainable returns for shareholders,” he added.The bank noted that the financial impact of the transaction will be reflected in the upcoming quarterly financial results, in accordance with applicable accounting standards and upon completion of the relevant operational and regulatory procedures.AlSayer also highlighted that the conclusion of this acquisition coincides with the start of the bank’s capital increase subscription period, for which the necessary approvals were previously secured. This offers institutional and individual shareholders an...