National Bank of Kuwait (NBK) announced today the completion of the acquisition of 86.67% of the Kuwait Financial Brokerage Company for KD 20.8 million.
Commenting on the deal, NBK Deputy Chief Executive Officer, Isam J. Al Sager pointed out that it aims at strengthening NBK's brokerage activities and product offerings in the local market, in addition to providing more distinctive and unique services for NBK clients.
NBK recently reported record profits of KD253.2 million for the year 2006, up 23% from 2005. The Bank's outstanding performance was also reflected in the improvement in return on equity to 38.6% and in the return on average assets to 3.6%. Both measures place NBK among the best performing banks worldwide.
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