Kuwait Finance House has completed its merger with Ahli United Bank Kuwait, a transaction described by KFH chairman Hamad Al-Marzouq as the first-ever bank merger in Kuwait's financial sector and one that positions the combined institution as both the country's largest bank and the world's second-largest Islamic bank measured by total assets. The completion follows KFH's 2022 acquisition of the Bahrain-based Ahli United Bank group.
The merged entity reported total assets of KD 38.01 billion for the 2023 financial year. Al-Marzouq described it in a statement published by the bank as the largest merger in Kuwait's banking history.
AHLI UNITED BANK GROUP
KFH had already acquired the wider Ahli United Bank group, with operations in Bahrain, Egypt, Iraq and the United Kingdom, in 2022; this final step folds AUB's Kuwaiti unit into KFH.
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