Dubai-listed GFH Financial Group has signed a memorandum of understanding (MoU) to potentially acquire Bahrain’s Bank Al Khair (BAK) as a majority shareholder, it said on Sunday.

 

Bahrain-based GFH said it expects the deal with BAK to create a larger financial group with banking operations in the GCC, UK, Malaysia, Turkey, Pakistan, and India.

 

The transaction is subject to the approval of the board and shareholders, completion of due diligence, agreement on the acquisition structure, and regulatory approvals, the statement said.

 

GFH added that the acquisition is likely to have a favorable impact on shareholders of the combined entity, noting that further developments of the transaction will be announced as it progresses. 

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