SHUAA Capital, the UAE’s premier financial services firm, today announced that it has concluded a 14% (147,106,849 shares) of ownership stake in Khaleeji Commercial Bank (“KHCB”) the subsidiary of GFH Financial Group, and Bahrain’s leading Islamic retail bank.
KHCB is considered one of the fast growing commercial banks in the region,with a paid up capital of 105 million Bahraini Dinars and total assets of 709 million Bahraini Dinars. KHCB has also reported a net profit attributable to shareholders of the bank of 4.58 million Bahraini Dinars for the nine months ended 30 September 2016, with annual growth rate reaching up to 120% over the last two years.
Commenting on this transaction, Mr. Jassim Al Seddiqi, Chairman of SHUAA Capital: “We are very delighted to have completed this important transaction of 14% in KHCB. It is considered to be one of the fast growing Islamic banks in the region, and we will further drive this growth by support from SHUAA Capital and Abu Dhabi Financial Group (ADFG).
He concluded, “It is with no doubt that the shareholders’ value will see substantial growth if KHCB obtains final approvals to list on the Dubai Financial Market”.