NBK plans $106mn Syrian affiliate

National Bank of Kuwait, the country's biggest lender by assets, plans to set up a 30 million dinar ($106.3 million) banking affiliate in Syria, a Kuwaiti newspaper reported on Saturday.

NBK would hold 49 % of a new lender providing commercial banking services, NBK general manager for consumer banking Adel al-Majed was quoted in al-Rai as saying.

"NBK expects to get a licence to establish the bank during the next two months," Majed said. Syria permits 49 % ownership of its lenders, he said.

Gulf Arab interest in entering Syria is growing since the country opened banking to foreigners three years ago.

Qatar National Bank said this month it won initial approval to set up a bank in Syria. Bahrain's Albaraka Banking Group also said last month it won approval to open a bank in the country and would start operations before the end of the year.

NBK won a bid to take a 51 % stake in AlWatany Bank of Egypt for $522 million last week, and said it planned to boost that stake to as much as 100 %.

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