KFH transfers assets
Manama : Kuwait Finance House (KFH-Bahrain) has announced plans to transfer the legal ownership of certain real estate investment assets to a subsidiary of its parent company – KFH Real Estate.
The move, according to KFH-Bahrain, is to further strengthen and solidify its retail and corporate banking offering and to rationalise its capital structure. KFH-Bahrain intends to continue to manage the real estate portfolio being transferred through a company with its own legal entity.
KFH-Bahrain is currently in the process of completing the formalities for transferring the real estate portfolio to the aforementioned subsidiary. The transaction also involves reducing the bank’s paid up capital by BD32.6 million as a result. The bank shall continue to demonstrate compliance with the applicable regulatory ratios after the reduction in the paid up capital. KFH-Bahrain is also maintaining its tier 2 capital.
KFH-Bahrain will also cancel the treasury shares as they are not needed to be reissued in near future, a move that has no real impact on the capital.
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