Kuwait City: The Kuwait Investment Authority, the country's sovereign wealth fund, will own 16 per cent of Gulf Bank KSC after the commercial bank's capital increase.
Gulf Bank shareholders subscribed to 68 per cent of the capital increase, which ended late on Sunday, Fawzy Al Thunayan, general manager for board affairs at the bank, said in a phone interview yesterday from Kuwait.
Gulf Bank, which last November announced 375 million dinars (Dh4.77 billion) of losses from derivatives trading, doubled the bank's capital by issuing 1.25 billion shares to existing investors at a nominal value of 100 fils and a premium of 200 fils, to raise an amount equal to the losses.
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