Gulf Bank has given the green light for a “feasibility” study regarding a potential merger with Warba Bank.
This move was confirmed in a recent board meeting held on 25 May 2025.
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The study is a response to a proposal from Warba Bank, which is a major shareholder in Gulf Bank, to consider the viability of combining the two entities into a single Islamic Sharia-compliant bank.
The board’s decision to proceed with the “feasibility” study is part of Gulf Bank’s strategy to explore opportunities for growth and enhance its position in the Islamic banking sector.
The merger is expected to leverage the synergies of both banks to foster “competitiveness” and growth.
In line with regulatory compliance, Gulf Bank has informed the Central Bank of Kuwait of the board’s decision and is awaiting further instructions.
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By GlobalDataThe bank will also obtain necessary approvals from the CBK and other regulatory bodies before engaging consultants to conduct the study, the bank said in a letter.
Gulf Bank, with Kd 7.5bn in total assets as of March 31, 2025, operates over 50 branches and 300 ATMs in Kuwait.
Meanwhile, Warba Bank offers a range of personal, corporate, business, and investment banking services.
Warba Bank’s indirect ownership of Gulf Bank comes through its purchase of Alghanim Trading Company, which led to Warba Bank holding 32.75% of Gulf Bank’s capital.
