Kuwait’s Al Ahli Bank seeks acquisitions in the Gulf

Kuwait's Al Ahli Bank is looking for acquisition opportunities in the Gulf region as it seeks to boost revenue from international operations, Bloomberg reported on Tuesday.

“We want to manage and absorb the last merger, but we’re always looking for acquisitions,” chief executive officer Michel Accad said in an interview.

“We can consider anything at the right price, but not anywhere, we have a preference for the Gulf Cooperation Council.”

Al Ahli Bank, bought Piraeus Bank Egypt in 2015, and is now seeking to increase income from non-domestic operations to about 33 percent in three-to-four years from about 20 percent currently, Accad said.

He said he hoped to achieve that goal “faster.”

Banks in the GCC region are looking at merger options to better compete in a crowded market.

Recently, Saudi Arabia's Alawwal Bank said it was in advanced stages of merger discussions with Saudi British Bank (SABB).

Last year, Abu Dhabi’s largest banks combined to create a $175 billion First Abu Dhabi Bank.

Al Ahli Bank of Kuwait operates 39 branches in Egypt, as well as 31 domestic branches and two in the United Arab Emirates.