Bahrain-based Gulf Finance House (GFH) has denied media reports that an investment authority owned by a Kuwaiti government entity had approached it for a controlling stake.

"GFH would like to clarify that the story reported in the media yesterday and on stock exchange websites regarding the interest of an investment authority owned by a Kuwaiti government entity in purchasing a material controller stake is incorrect," the Islamic bank  said in a statement.

"No investment authority has approached GFH, its management or the chairman with regards to purchasing a controlling stake in the bank," it stated.

As per the regulations established by GFH’s regulator, the Central Bank of Bahrain (CBB), any material shareholding above regulatory benchmarks must be reported immediately, and GFH continues to be in complete compliance with CBB regulations, the statement said.-TradeArabia News Service