DUBAI: National Bank of Kuwait (NBK) is offering 581 million dinars ($2.07 billion) for the remaining stake in Boubyan Bank that it does not already own, the country's largest lender said on Thursday.
NBK, which currently owns 47.29 percent stake in the Islamic lender, will offer 630 fils per share for the stake, said in a bourse statement. Boubyan shares closed at 600 fils on the Kuwait stock exchange on Wednesday.
NBK has been building its Islamic banking business. In April 2011, it boosted its position in sharia-compliant Boubyan which competes with Kuwait Finance House and Kuwait International Bank.