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Kuwait Finance House (KFH) is planning to shut down its Malaysian subsidiary as the company shifts focus on expansion in the GCC and wider Middle East markets.
The KFH (Malaysia) Berhad subsidiary is also evaluating the potential sale of certain portfolio segments to prospective buyers, subject to regulatory approvals, a Kuwait Boursa (exchange) market disclosure revealed.
KFH, which provides Shariah compliant banking products and services, added there will be “no immediate impact” on clients in Malaysia. The group added this decision will not have an impact on other businesses and markets or its financial position.
(Writing by Bindu Rai, editing by Seban Scaria)