GFH Financial Group expected the voluntary acquisition of Khaleeji Commercial Bank to be completed this year; This is after obtaining all the necessary approvals from the regulatory authorities, the board of directors and the shareholders.
The company confirmed that it had submitted a letter of intent to the bank's board of directors related to the acquisition; Pointing out that it is seeking to submit the acquisition offer during the third quarter of 202, according to a press release.
It is reported that the group's board of directors communicated last June with the board of directors of Khaleeji Commercial Bank regarding the possibility of submitting a voluntary acquisition offer of the bank's issued shares.
GFH, on June 6, 2021, increased its ownership interest in Khaleeji Commercial Bank from 55.41% to 69.05%.
The group's profit decreased by 32%, during 2020, to $45.1 million, compared to a profit of $66.03 million achieved during the same period in 2019.< /p>
