NBK buys Boubyan Bank shares from CBK

Published June 14th, 2009 - 11:50 GMT

National Bank of Kuwait (NBK) and Commercial Bank of Kuwait (CBK) announced today an agreement whereby CBK will sell its shares in Boubyan Bank amounting to 220,631,095 shares to NBK for 550 fils per share.

The move complements NBK’s strategic drive to enter the Islamic banking industry that is witnessing high growth potential.

NBK has Central Bank of Kuwait approval to buy up to 40% of Boubyan’s shares.

 


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