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Sunday , January 29 2023

Agency eyes banking data

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KUWAIT CITY, Jan 13: The Competition Protection Agency (CPA) has started extrapolating all banking data for the years 2019 and 2020, as part of its move to study the economic concentration that could result from the merger deal of Kuwait Finance House (KFH) and Al-Ahli United Bank (AUB), and to ensure there is no banking control in the local market, which indicates that the agency has begun examining the deal from its side, reports Al-Rai daily quoting reliable sources.

They explained that CPA has requested the concerned authorities to provide the financial statements of all banks operating in accordance with Islamic law in Kuwait for the two specified years. This is aimed to study the expected impact on the market from the merger of KFH and AUB in a manner that ensures the prevention of monopolistic practices in dealing with applications of this deal in the future.