29/07/2025
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29/07/2025
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KUWAIT CITY, Jul 29: Warba Bank has announced that it has received the approval of the Central Bank of Kuwait to appoint a group of specialized advisory firms to conduct a feasibility study and due diligence review for the potential merger with Gulf Bank. This approval marks a key milestone in progressing the preparatory procedures for a possible merger between the two leading financial institutions.
The approval follows Warba Bank’s previous disclosure dated June 15, 2025, regarding the signing of a Memorandum of Understanding (MoU) with Gulf Bank to explore the feasibility of a merger. The step represents a pivotal moment in the path toward forming a fully integrated Islamic banking entity with the potential to compete on a regional and global scale.
The list of appointed advisors includesinternationally and locally recognized institutions such as Bain & Company as Management Consultant, J.P. Morgan as Lead Financial Advisor, Al Shall Consulting as Local Investment Advisor, Clifford Chance as Lead Legal Advisor and Al Tamimi & Company as Local Legal Advisor.
Commenting on the development, Mr. Hamad Musaed Al-Sayer, Chairman of Warba Bank, said:"We welcome the Central Bank of Kuwait’s approval to appoint advisors for the merger study, which is a significant step in realizing our strategic vision to establish a leading Islamic financial institution with regional and global competitiveness. The appointment of such reputable advisory firms underscores our commitment to executing this process according to the highest professional and regulatory standards, ensuring maximum value creation for our shareholders, customers and the national economy."
On his part, Mr. Shaheen Hamad Al-Ghanem, Chief Executive Officer of Warba Bank, affirmed the Bank’s full adherence to all relevant legal and regulatory requirements, including securing all necessary approvals from regulatory authorities. He stated that the Bank will continue to disclose any material developments related to the merger in a timely manner.
He added:“This step comes as part of our growth and expansion strategy and our aim to enhance our competitive edge in the local and regional banking sector. We are confident that the potential merger with Gulf Bank will result in a strong financial entity with a solid capital base and outstanding operational capabilities. This will enable us to deliver comprehensive and innovative banking services that meet our customers’ evolving needs and support economic development in Kuwait and the wider region.”
Warba Bank has achieved remarkable success in a short span of time, earning a leading position in the Islamic digital banking sector in Kuwait. With one of the largest shareholder bases among local banks, Warba Bank continues to be a trusted partner that brings together innovation and social responsibility to deliver best-in-class Sharia-compliant products and services.
