National Bank of Bahrain is looking to expand into Turkey, Egypt and Central Asia as merger talks with Bank of Bahrain and Kuwait gather pace.
The lender already operates beyond its home country, including in the UAE and Saudi Arabia. While group chief executive Usman Ahmed said the bank plans to deepen its presence in both countries, he pointed to “significant opportunity” in selected markets further afield.
“We see the potential to do business in Turkey, in markets like Egypt and possibly in some Central Asian states, where we can build good quality exposure in a very controlled manner,” Ahmed said on an earnings call on Tuesday.
The bank, which is 49 percent owned by Bahrain's Mumtalakat, is continuing its discussions with Bank of Bahrain and Kuwait (BBK) about a potential merger.
Ahmed said that McKinsey has been appointed as the due diligence adviser, although he was unable to provide a timeframe for the move. Talks on amalgamating the two banks began in 2024.
“There’s obviously very close coordination happening between both the banks,” he said. “I think both teams are very keen to move at pace.”
The two lenders have played a prominent role in Bahrain’s domestic banking, both retail and wholesale, for decades. NBB was licensed in 1957 and BBK in 1971.
