Kuwait 20th Jan 2020: Kuwait Finance House (KFH) has convened the ordinary and extraordinary general assembly meeting at Sheraton hotel with a 79.156% quorum, followed by a press conference to discuss the acquisition of Ahli United Bank B.S.C. (AUB) as per the Central Bank of Kuwait (CBK) requirements. During the meeting, all the items on the assembly’s agenda were approved.
Attended by KFH`s Board of Directors, the Fatwa and Shari’a Supervisory Board, the executive management, analysts, economists and representatives of media and press, KFH explained various technical and legal aspects, the legal framework of the acquisition and its effects on KFH, its shareholders and customers as well as the banking system and the national economy. It also discussed the expected quantitative and qualitative benefits of the acquisition, with a review of financial safety indicators of capital adequacy, asset quality, profitability, liquidity, challenges, fundamental risks and process of conversion of Sharia non- compliant assets.