Kuwait Finance House considers bidding for stake in SAIB: Report

Kuwait Finance House (KFH) is studying the acquisition of a large stake in The Saudi Investment Bank (SAIB), Bloomberg reported today, June 24, citing unnamed sources with knowledge of the matter.

KFH is considering a potential investment in the Saudi bank to enhance its regional presence. Talks are ongoing and there is no certainty they will result in a deal.

SAIB closed today at SAR 12.78. The bank is valued at nearly SAR 16 billion

According to Argaam’s data, the General Organization for Social Insurance (GOSI) owns 329 million shares, or 25.6%, of SAIB’s capital.

A Kuwaiti newspaper revealed last month that local banks are negotiating for a controlling stake of up to 50% in a Saudi bank listed on the Saudi Exchange (Tadawul). The deal value could reach $1.7 billion.

source: argaam