Gulf Bank and Al Ahli Bank of Kuwait are no longer pursuing a merger, following the completion of feasibility studies by consulting companies they appointed in December 2022.
The two banks did not disclose the reasons for the cancellation of merger talks.
Gulf Bank said McKinsey & Co had presented its findings to the board of directors.
“After discussing the outcome of the recommendation with Al Ahli Bank of Kuwait, it was agreed not to proceed with the previously proposed acquisition deal,” the lender said on Monday in a filing to Boursa Kuwait, where its shares are traded.
In a separate filing to the bourse, Al Ahli Bank of Kuwait said the two lenders had agreed to “cancel the previously disclosed acquisition project” after discussing the results of the feasibility studies.
The merger talks began in June 2022. Two months later, the two lenders signing a preliminary agreement outlining the proposed acquisition and the formation of a joint advisory committee.
Some of the committee’s tasks were to assist in the process of obtaining internal approvals and to consider other matters such as the selection and appointment of advisers.
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Farage on Muslim Brotherhood
Nigel Farage told Reform's annual conference that the party will proscribe the Muslim Brotherhood if he becomes Prime Minister.
"We will stop dangerous organisations with links to terrorism operating in our country," he said. "Quite why we've been so gutless about this – both Labour and Conservative – I don't know.
“All across the Middle East, countries have banned and proscribed the Muslim Brotherhood as a dangerous organisation. We will do the very same.”
It is 10 years since a ground-breaking report into the Muslim Brotherhood by Sir John Jenkins.
Among the former diplomat's findings was an assessment that “the use of extreme violence in the pursuit of the perfect Islamic society” has “never been institutionally disowned” by the movement.
The prime minister at the time, David Cameron, who commissioned the report, said membership or association with the Muslim Brotherhood was a "possible indicator of extremism" but it would not be banned.
Naga
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The 10 Questions
- Is there a God?
- How did it all begin?
- What is inside a black hole?
- Can we predict the future?
- Is time travel possible?
- Will we survive on Earth?
- Is there other intelligent life in the universe?
- Should we colonise space?
- Will artificial intelligence outsmart us?
- How do we shape the future?
Our Time Has Come
Alyssa Ayres, Oxford University Press
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
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