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HSBC, Credit Suisse to advise on Gulf banks’ merger

HSBC and Credit Suisse will be the advisors for the possible merger of Ahli United Bank (AUB) and Kuwait Finance House (KFH). A merger between Bahrain’s largest bank and Kuwait’s biggest Islamic lender would be the first cross-border tie-up between Gulf banks in recent years. The 2 European banks were selected to complete studies to assist AUB and KFH in arriving at a fair share exchange ratio, a statement said, without specifying which investment bank was advising which lender. Once the agreement on the share exchange ratio is reached, the next step would be the initiation of due diligence and other steps. The deal provides a non-binding framework to explore the creation of a major regional banking institution capable of competing more effectively in its existing and new potential markets, AUB Chairman Hamad al-Humaidhi said.

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