NBK raises its stake in Boubyan Bank to 27.5% after acquiring 13.2% of the KIA’s holding in the Islamic bank

Published July 22nd, 2009 - 02:52 GMT

NBK raises its stake in Boubyan Bank to 27.5% after acquiring 13.2% of the KIA’s holding in the Islamic bank


National Bank of Kuwait (NBK) announced today that it has successfully acquired 13.2% of the Kuwait Investment Authority’s (KIA) holding in Boubyan Bank via auction held today, raising NBK’s total ownership of Boubyan Bank to 27.5%.  The deal amounted to KD 84.7 million representing around 321 million shares of Boubyan Bank.

Nasser Al Sayer, NBK’s Vice Chairman, said that this was an important strategic move for NBK, providing the Bank with a gateway into the Islamic banking market. ‘Our main goal is to stabilize Boubyan Bank, enhance its position in the local market and develop its various Islamic banking services’, added Al Sayer.

Al Sayer also stressed that the management and operations of NBK and Boubyan Bank would be kept separate and fully independent of each other in accordance with Islamic Banking law and regulation.


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