Kuwait Finance House (KFH) has sold all its shares in Sharjah Islamic Bank (SIB), completely divesting from the UAE bank, according to a financial release from the Kuwaiti firm.
The “off-market sale and transfer of shares” agreement was priced at Dh2.20 per share for over 588 million shares, reaching a total of Dh1.29 billion ($351 million).
The SIB shares were acquired by Endowment of Sheikh Sultan bin Mohammed bin Saqer Al Qasimi, the Sharjah Social Security Fund and Sharjah Islamic Bank. Â
The transaction aligns with KFH’s strategy to optimise its asset portfolio and focus on its core markets. In February, the Kuwaiti lender completed its merger with Ahli United Bank-Kuwait following its $11.6 billion cross-border acquisition of Ahli United Bank-Bahrain in July 2022.
