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Kuwait Finance House Plans to Restructure, Sell Units, KUNA Says

Kuwait Finance House (KFIN), the country’s largest Islamic lender, plans to restructure, merge or sell unprofitable units, state news agency KUNA reported, citing Chief Executive Officer Mohammed Al-Omar.

The bank’s reorganization plan, which involves creating separate divisions for banking, investment, operations and wealth management, has been approved by the board and will include “the appointment of new leaders,” Al-Omar said, according to KUNA.

To contact the reporter on this story: Fiona MacDonald in Kuwait at fmacdonald4@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net

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