By: Amr Adel
Dubai - Mubasher: The CEO of GFH Financial Group said that his company is in ongoing merger negotiations with a number of financial institutions despite retreating from talks with Shuaa Capital.
Today, GFH announced that it has decided to pull back from discussions to buy the Dubai-based Shuaa Capital, according to the company’s statement to the Bahrain Bourse.
Hesham Al Rayes added in a phone call with Mubasher that the two parties have agreed to end negotiations without revealing further details.
GFH will maintain the strategy to acquire a number of strategic firms as part of the transformation to a comprehensive banking group, the CEO added.
Currently, the company is considering a number of opportunities in the UAE market, especially in the investment and insurance sector, said Al Rayes, expecting one to be completed before the end of the year.
