Monday 23 July 2012

National Bank of Kuwait ups stake in Boubyan, fails in full takeover | Reuters

National Bank of Kuwait (NBK) will increase its stake in Boubyan Bank to more than 58 percent but failed to secure full backing for its takeover of the Islamic lender, NBK said in a statement on Monday.

NBK, Kuwait's largest lender, last month offered to pay 0.63 dinars ($2.24) per share for the 52.7 percent of Boubyan it didn't own as it tries to boost its presence in Islamic banking in the Gulf region - a move which would have created an entity with assets worth around $57 billion.

In Monday's bourse statement, NBK said it would increase its holding in Boubyan to 58.34 percent from 47.29 percent after receiving backing from shareholders holding around 11 percent of the bank.

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