MANAMA, 9 March 2005 — Bahrain’s Ahli United Bank is seeking acquisitions as it eyes the Iraqi and Iranian markets for expansion to help boost its growth, its chief executive said on Monday. “We are in many discussions with banks over possible combinations. It is part of our strategy to form acquisitions and mergers with other parties in the region,” Adel El-Labban told Reuters in an interview.
“Organic growth happens at rates of 5 to 15 percent per annum. We want to grow more quickly. So if we go and buy a bank in a new country, this will add to our banking business more than 30 percent, depending on the size of the bank,” he said.