Kuwaiti shareholder Mohammad Yousuf Behbehani has received central bank's approval to raise his stake in Al Ahli Bank to 15 percent, the stock exchange said in a statement on its website on Tuesday.
Behbehani currently owns a 4.9 percent stake in the lender and the approval is valid for three months, the statement said. He will be the biggest shareholder in the bank if the transaction is completed, according to bourse data.
"The Behbehani family are the main shareholders in the bank...the sale might happen through a family arrangement, or he could buy directly from the stock market," said Naser al-Nafisi, the general manager for Al Joman Center for Economic Consultancy in Kuwait.
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