Following its landmark cross-border acquisition of Ahli United Bank - Bahrain, one of the largest deals in the region, Kuwait Finance House (KFH) Chairman, Hamad Abdulmohsen Al Marzouq announced the successful completion of its merger with Ahli United Bank – Kuwait (AUB-Kuwait), including the stock swap of KFH capital's increase with the shareholders of AUBK. This historic merger officially establishes KFH as the continuing entity and AUB-Kuwait as the merged entity, marking the first-ever such project in Kuwait's banking sector.

On this occasion, Al Marzouq expressed his deepest gratitude to everyone involved in the merger project. He acknowledged the length and complexity of the process, emphasizing that it was made possible by the unwavering support of the employees. He also lauded the role of the regulators and extended his thanks for their continuous support.

He added:"KFH and AUB are now united as a single team, with a unified banking identity and a shared Sharia vision. We warmly welcome the AUB teams to their new home at KFH. We look forward to their valuable contributions as they become key members of the KFH team, solidifying our 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."

"Furthermore, KFH holds the top spot for market capitalization in Kuwait, exceeding KD 12 billion. It also boasts the highest traded liquidity on Boursa Kuwait, 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% 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. 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 allow KFH to create quality jobs in the local market as the new merged unit is in Kuwait. In addition, the organization's expansion requires more employees and may require sending some employees abroad to support the Group's operations in other markets.

He indicated that the acquisition contributed to boosting KFH’s capability to employ the best competencies and support national manpower. 400 employees were hired during 2023, with a nationalization rate of 100% of the total number of hires.  Thus, the Kuwaitisation ratio exceeded 81%, in addition to appointing national employees to leadership positions during the year.

Al Marzouq concluded: “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. KFH Group spans 12 geographical locations, chief among them is Kuwait, Bahrain, Turkey, Germany, Egypt, United Kingdom, Malaysia, among other strategic markets.”