The merger between United Bank of Kuwait (UBK) and Al-Ahli Commercial Bank BSC (ACB) has been formally completed. The merged bank and its subsidiaries will be based in Bahrain, in the offshore banking unit of Ahli United Bank BSC.
Although the two banks will sustain their separate operations, the new entity hopes to increase its operational efficiency by integrating and expanding its current Information Technology and risk management sectors.
In addition to being a holding company for UBK and ACB, Ahli United Bank will play a leading role in what the bank calls 'wealth management products.’
Shares of Ahli United Bank are already listed on the Bahrain Stock Exchange since August 3, and those of Al-Ahli Commercial Bank are soon to be removed.
Approximately two thirds of the new holding company's shares have been issued to UBK's shareholders, and the remaining one third to shareholders of ACB.
Although the board of directors and executive management teams of each bank remains unchanged, Adel El-Labban is the newly appointed CEO and managing director of Ahli United Bank, and Mohammed Yousuf Jalal is the company's new acting chairman.— (Albawaba-MEBG)
© 2000 Mena Report (www.menareport.com )