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KFH to open offices in China, Egypt

Kuwait Finance House, or KFH, which is the 10th largest bank in the Middle East, will expand in China and Egypt. The bank plans to open a branch in China and is considering a license to operate in Egypt, the bank’s head Mazin Al Nahedh said. He said there are opportunities for a Kuwaiti bank to operate in China, because of the country’s emergence, obvious importance to the world economy. KFH, he said, is reaching saturation, particularly in the GCC banking system. In Egypt, KFH, which has assets of about $57 billion, is looking at options to buy an existing license to operate there, he said. KFH is in talks to buy Ahli United, in a deal that would create one of the Middle East’s largest Islamic lenders with about $85 billion of assets.

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