DUBAI: Qatar National Bank (QNB) has halted talks with Kuwait Finance House (KFH) to buy its Malaysian unit, the Gulf Arab region's largest bank said on Tuesday.
"QNB announces stopping of preliminary talks to acquire Kuwait Finance House Malaysia without reaching an agreement," it said in a bourse filing.
Earlier in the day, KFH's chief executive Mazin al-Nahedh told Reuters the bank had ruled out a sale or merger for its Malaysian unit, adding the largest Islamic bank in the Gulf Arab state "will begin restructuring the unit with immediate effect".
The disclosure from KFH comes after a source familiar with the matter told Reuters last week that QNB had bid to buy the unit, with the Qatari lender later acknowledging it was in early talks about an acquisition. - Reuters
"QNB announces stopping of preliminary talks to acquire Kuwait Finance House Malaysia without reaching an agreement," it said in a bourse filing.
Earlier in the day, KFH's chief executive Mazin al-Nahedh told Reuters the bank had ruled out a sale or merger for its Malaysian unit, adding the largest Islamic bank in the Gulf Arab state "will begin restructuring the unit with immediate effect".
The disclosure from KFH comes after a source familiar with the matter told Reuters last week that QNB had bid to buy the unit, with the Qatari lender later acknowledging it was in early talks about an acquisition. - Reuters
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