By: Amr Adel
Dubai – Decypha: GFH Financial Group is in talks with a number of financial institutions from inside and outside the GCC region, CEO Hisham Al Rayes told Decypha.
The company announced earlier this week that it has held discussions with several financial institutions, including SHUAA Capital, for the potential acquisition of a majority stake in those financial institutions or a merger.
These institutions are operating in the financial services and infrastructure sectors, he said, adding that GFH’s merger will result in the formation of a semi-integrated financial institution.
“GFH’s talks with these institutions are just oral,” Al Rayes said.
The company’s board did not discuss the matter yet, but it will meet on Thursday to consider the merger offers, the CEO added.
“It is too early to determine the merger date or value,” he said.
The Bahrain-based financial group plans to enter acquisitions worth $1.5 billion during 2017 and 2018, the CEO had said earlier in an interview with Mubasher.
GFH will decide on its acquisition of Bahrain’s Bank Al Khair within one or two months from now, Al Rayes said.
GFH’s possible acquisition of the bank will lead to the creation of a new entity worth $1.5 billion - $2.5 billion.
Translated by: Julian Nabil
