In a regulatory filing yesterday, GFH Financial Group announced its plan to acquire 100% of Khaleeji Commercial Bank in an effort to boost its portfolio and expand its operations.
GFH Financial Group is an Islamic investment bank headquartered in Bahrain. GFH boasts a range of different business lines from real estate development, commercial banking, wealth management, and asset management. The investment bank has more than $12b in assets under management, with one of its most notable investments being a 25% stake in the Leeds United football club.
GFH already owns a majority stake in Khaleeji Commercial Bank. According to Sunday’s announcement, the remaining 21.03% stake will be acquired by GFH by way of a shares exchange. GFH Financial Group currently trades on the Dubai Financial Market under the ticker symbol GFH.
why it matters
There’s a Bahraini bank takeover in the works — but that seems to be a good thing given that shares of the investment bank were up by 0.8% on Sunday over the news of the takeover.