Negotiations on for Bank Alkhair's acquisition: GFH

Dubai: Gulf Finance House said on Monday the negotiations are underway for  acquisition of Bank Alkhair of Bahrain.

The due deligence is continuing and formalities are yet to be completed. The shareholders will be intimated after the process is complete, the firm said on a statement.

GFH, which has been an outperformer  on Dubai bourse, had signed an agreement in August to acquire Bank Alkhair.

In a separate statement, the firm said it's unit has won a case against its former deputy chief executive. The verdict issued in favour of GFH's unit is for circa $5 million.