NBK raises capital to $523 million
The National Bank of Kuwait (NBK)’s general assembly has approved raising the bank’s capital to 154.8 million Kuwaiti dinars ($523 million) from KD 147.4 million.
According to NBK’s CEO Ibrahim Dabdoub, the capital increase will allow the bank to carry out its future plans in Iraq. The bank will invest up to $25 million in its Iraq-based branch, noting that this amount was the highest investment limit allowed for foreign banks in the country.
The bank’s general assembly recently selected a new eight-member board of directors. The new board’s tenure is three years, and is chaired by Mohammed Abdul-Rahman Al-Bahar. — (menareport.com)
© 2004 Mena Report (www.menareport.com)