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BANKING

NBK gets nod for $431m Boubyan stake buy

Kuwait, July 31, 2012

National Bank of Kuwait (NBK) said on Tuesday it had agreed to pay 121.65 million dinars ($431.2 million) for an 11.05 percent stake in Boubyan Bank, a purchase which takes its ownership to 58.34 percent.

The bank, Kuwait's largest by market value, has now received regulatory approval from the Kuwait Capital Markets Authority for the purchase, it said in a bourse filing.
 
NBK opted for the smaller stake after failing to secure enough backing for a full takeover of the Kuwait-based Islamic lender during a tender offer for shares which expired on July 22. - Reuters



Tags: Kuwait | NBK | Boubyan |

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