Mubasher: The Kuwait Investment Authority (KIA) has confirmed that there was no conflict of interest in finalising the merger between Kuwait Finance House (KFH) and Ahli United Bank (AUB) Bahrain.
With the Kuwaiti finance minister chairing KIA, which is the largest shareholder in KFH, and the Public Institution for Social Security (PIFSS) acting as the largest shareholder in AUB-Bahrain, KIA said that this did not constitute a conflict of interest, Al Qabas newspaper reported.
KIA currently owns a 24.079% stake in KFH, but does not hold a stake in AUB-Bahrain, the investment authority stated, noting that its representatives in KFH’s board of directors do not receive any remunerations or dividends, except for the consolidated membership remuneration.
The volume of cash deposits at AUB Bahrain amounted to $294 million in recently, KIA revealed.
In December, AUB confirmed that there were no developments in the merger with KFH.
By 12:29 am Kuwait time, KFH’s stock rose 0.97% to 625 fils on Boursa Kuwait.
