Al Salam Bank, a prominent financial institution in Bahrain, has recently completed the acquisition of Kuwait Finance House Bahrain from Kuwait Finance House Group. This strategic move is the Bank’s fifth Merger and Acquisition (M&A) transaction, solidifying its position as the fastest growing bank and the most active M&A player in Bahrain. With previous successful integrations, such as the Bahrain Saudi Bank and BMI Bank, Al Salam Bank has shown its ability to achieve significant growth while ensuring a seamless customer experience.
The acquisition of KFH Bahrain, with an asset base of over BD 1.49 billion, will significantly boost the Bank’s balance sheet by 28%, accelerate market share acquisition, and enhance its offerings. Al Salam Bank and KFH Group have worked closely to swiftly achieve financial close and will continue to collaborate to execute a seamless integration plan, ensuring uninterrupted banking services for customers. Shaikh Khalid bin Mustahil Al Mashani, Chairman of Al Salam Bank, highlighted the importance of the acquisition in their growth journey and commitment to bolstering Bahrain’s position as a leading Islamic financial center in the region.
Rafik Nayed, Group CEO of Al Salam Bank, emphasized that the transaction signifies a significant milestone in achieving their strategic objectives of scale and maximizing shareholder value. Customers of both banks will benefit from enhanced banking products and services, combining expertise, digital capabilities, and an expanded banking network. Al Salam Bank is dedicated to elevating its offerings through advanced technologies and tailored products to meet clients’ evolving needs. The combined commitment and expertise of both teams will drive future successes for the bank.
Customers of KFH Bahrain can continue to access all services, including cards, cheque books, online banking, mobile banking, branches, ATMs, and the call center. Al Salam Bank will keep customers informed about transaction updates and the integration process. KPMG Fakhro provided advisory services to Al Salam Bank, while Trowers and Hamlins acted as legal counsel for the transaction. The seamless acquisition of KFH Bahrain reflects Al Salam Bank’s commitment to growth, customer service, and innovation in the Islamic financial sector.
In conclusion, the acquisition of Kuwait Finance House Bahrain by Al Salam Bank marks a significant milestone in the bank’s growth journey, further solidifying its position as a leading financial institution in Bahrain. The integration of KFH Bahrain will enhance the Bank’s offerings, increase its market share, and provide customers with a seamless banking experience. With a strong commitment to innovation and customer service, Al Salam Bank is well-positioned to continue its growth and success in the Islamic financial sector. Customers can expect continued access to a wide range of banking services and can look forward to future developments as the integration process unfolds.
