(MENAFN- Khaleej Times) Shareholders of Bahrain's Capivest, Elaf Bank and Capital Management House approved a merger of the three Islamic financial institutions as competition intensifies in Kuwait.
The merger, which still needs approval from the kingdom's Central Bank and Ministry of Trade and Commerce, will create an entity with equity of almost $350 million and assets of more than $400 million, Kuwait Finance House (Bahrain) said in an e-mailed statement on Saturday.
The move aims "to establish a strong banking institution that is able to compete solidly in a changing market," Elaf Bank vice-chairman Isa Habib said, according to the statement.
The three lenders appointed Kuwait Finance House in Bahrain to act as adviser, Trowers & Hamlins as legal counsel and Deloitte as independent valuer, according to the statement.
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