Sunday 7 March 2010
Kuwait's NBK to take 60 pct of Syrian bank
The National Bank of Kuwait, or NBK, the country's biggest lender by market value, plans to hold a 60% stake in a bank to be formed in Syria with a capital of $220 million, Kuwait's Al Anbaa newspaper reports Sunday citing unnamed persons.
The Kuwaiti lender is holding talks with Syrian investors to own the remaining stake in the Syrian bank, the paper reports.
NBK has received initial approval from the Syrian and Kuwaiti regulatory authorities to operate in Syria, the bank's chief executive officer told state-run Kuwait news agency last week.
NBK is planning to boost its capital by 10% to fund expansion as the Kuwaiti lender looks for growth outside its crowded home market.END
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