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You are here: Home»Business»Banking & Finance»Kuwait's NBK offers $2.1bn for full control of Boubyan

kuwait 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.

Copyright Reuters, 2012


 



 
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Annual2012/13
Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
MonthlyFebruary
Trade Balance $-1.433 bln
Exports $2.167 bln
Imports $3.600 bln
WeeklyApril 14, 2014
Reserves $9.713 bln