Mubasher: Bahrain Kuwait Insurance is currently considering merging its branches and some supportive services with Takaful International, the chairman of Bahrain Kuwait Insurance Murad Ali Mohamed Murad said, according to Al Ayam Newspaper.
Bahrain Kuwait Insurance, which is listed on both Bahrain Bourse (BHB) and Boursa Kuwait, has acquired 77.25% in Takaful International, listed on BHB, to be the takaful arm of Bahrain Kuwait Insurance in line with its policy to reduce operating expenses, Murad added, according to the Bahraini newspaper.
Murad noted that the company awaits approval from regulatory entities to proceed with the merger.
The two companies provide their services through seven branches across Bahrain, Murad said, adding that following the merger, the number of branches will be reduced.