Ahli United Bank, which is based out of Bahrain, had its eyes set on acquisitions in its existing industry as well as in new ones. The Bahrain based financial institution is building a network across the Middle East.
This was confirmed by the bank's CEO, as its desire to expand across borders have reflected a trend that has become commonplace in Gulf banks. These cash rich institutions have been outgrowing their home markets. The increased trading between members of the Gulf Cooperation Council are also pushing the region's banking industry to expand internationally.
The bank operates across six Middle Eastern and North African countries. It also has an office in the United Kingdom and had laid out plans to enter three GCC states where it has no base of operations, namely the United Arab Emirates, Saudi Arabia, Qatar as well as nearby Turkey.
According to AUB CEO Adel El-Labban, "We have not completed the jigsaw." He made the remarks during an interview for Reuters Middle EastInvestment Summit. He added that AUB aimed to purchase majority shareholdings until statutory limits allow for foreign companies to own in local enterprises.
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