CBK investment unit restructures
Kuwait City, July 2, 2009
The Commercial Bank of Kuwait has started restructuring its investment unit in a strategy shift focusing on investments at home instead of abroad, the firm said.
CBK Capital's chairman Fowzi Al-Ateeqi said in a statement that the group, which saw its first quarter profits tumbled 91 percent, has laid off some non-Kuwaiti employees.
"The firm will not get involved in any foreign investment activity for the time being," he said.
Ateeqi rejected Kuwaiti media reports that CBK Capital would be closed.
CBK Capital was launched in 2007 with a capital of 15 million dinars ($52.21 million), according to its website. - Reuters