Khaleeji Commercial Bank 'is open to Alkhair merger'

Khaleeji Commercial Bank (KHCB), a Bahrain-based Islamic retail bank, has completed due diligence on a proposed merger with Bank Alkhair, a Bahrain-based Islamic wholesale bank. KHCB shareholders were told by chairman Dr Fuad Al Omar that the matter was under discussion and no decision had been taken yet. When compared with 2012 levels, the bank's total assets grew by 14.6 per cent to BD542.2 million last year with the consumer finance portfolio increasing by 66.7pc. However, the provision of an aggregate amount of BD17.7m in impairment provisions and marked to market losses resulted in net loss of BD19.2m. Dr Al Omar said the bank continued to improve its profitability with increase in revenue from core operations and control of costs. On future plans, he said KHCB would launch new products based on customer needs.