GFH expects to raise $420m from asset sales

Bahrain-based investment bank Gulf Finance House plans to raise $420m from asset sales, The National reported, citing acting CEO Ted Pretty. Gulf Finance paid back $200m of its $300m debt this month, and plans to repay the rest through the sale of assets including stakes in Khaleeji Commercial Bank, Bayan Holding and Gulf Holding, Pretty was cited as saying by the paper. The investment bank plans to reduce expenses by as much as 45%t by paring its workforce, outsourcing some work and consolidating its nine floors of office space in the Bahrain Financial Harbour project.