Boubyan board members quit

Kuwait, February 1, 2009

Kuwaiti Islamic lender Boubyan Bank said on Sunday two of its board members have resigned without giving a reason.

Vice Chairman Bader Al-Homaidhi and Bader Alajeel, who represents sovereign wealth fund Kuwait Investment Authority (KIA) on the board, have resigned, the lender said in a statement on the bourse website.

NBK, the country's largest bank by assets, said in December it has won the central bank's approval to buy up to 40 per cent in Boubyan.

Boubyan Bank competes with larger rival Kuwait Finance House and Kuwait International Bank. KIA owns 20 per cent of Boubyan Bank, according to bourse data.-Reuters

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