Islamic Finance

Kuwait's Boubyan Bank names new COO as it moves into next phase of takeover for UK's BLME

Kuwait's Shariah-compliant Boubyan Bank on Thursday (Jan 23) named a new chief operating officer. 

In a statement filed with Boursa Kuwait, the bank said it appointed Abdullah Ahmad Abdullah Al Mehri as its new COO effective Jan 22. 

The new COO arrives at Boubyan from the Central Bank of Kuwait where he headed the off-site supervision department.

Al Mehri joins the bank at the time it is moving into the final phase of its all-cash takeover, amounting to around $158 million, of UK's Bank of London and the Middle East. The Kuwaiti bank already holds 27.91% of the British Islamic bank. 

BLME agreed to Boubyan's terms of the cash offer in December. 

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