GCC banks to sell Bahraini bank stakes

Commercial Bank of Kuwait and Pearl of Kuwait Real Estate have reached a deal to sell their stakes in Manama-based Bank of Bahrain and Kuwait, a newspaper said on Sunday.

The stakes would be sold to an unidentified Kuwaiti investor at 530 fils per share, with a deal expected to be signed in the next few days, al-Watan said in an unsourced report.

CBK would book a profit of 18 million dinars ($64.33 million) on its stake, while Pearl and affiliates would make profit of 4 million dinars, the paper said.

Watan said the Kuwaiti buyer was seeking more than 35% of the bank to control the lender.

According to the Kuwaiti bourse Web site, CBK still held 20.17% in the Bahraini lender. Pearl's stake was not disclosed as the Web site only lists shareholdings of more than 5%.

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