Gulf Bank, Boubyan bank explore potential merger

Dubai: Kuwaiti lender Gulf Bank enters a memorandum of understanding with Islamic entity Boubyan Bank to explore a potential merger that would form a single Shariah-compliant entity. This agreement outlines the foundation for discussions between the two banks and indicates their commitment to independently assess the feasibility of the merger.

Gulf Bank has confirmed that it has met all necessary requirements, including securing approval from the Central Bank of Kuwait to engage consultants ahead of the feasibility study. In July, both banks announced their consideration of a merger aimed at creating a unified Islamic bank and indicated plans to proceed with due diligence. The merger proposal has received approval from the boards of both Gulf Bank and Boubyan Bank.