CBK eyes 70% stake in Yemeni bank

KUWAITI BANK: Commercial Bank of Kuwait is seeking to buy 70% of Yemen Gulf Bank, daily newspaper al-Qabas says.

Commercial Bank of Kuwait (CBK) is seeking to buy 70% of Yemen Gulf Bank, al-Qabas newspaper quoted the Kuwaiti bank's chief executive Jamal al-Mutawa as saying on Thursday.

Yemen Gulf Bank's chairman had approved a $30 million investment, to be made jointly by CBK and the World Bank's commercial lending arm, Al-Qabas said.

Yemen Gulf Bank Chairman Mohammed Hassan Al-Zubieri told newswire Reuters in December CBK and International Finance Corporation, a World Bank unit, would hold an 80% stake.

The deal would increase the Yemeni bank's capital to 6 billion Yemen riyals ($30.19 million), the paper said.

Like other Gulf Arab lenders, Commercial Bank is pushing abroad as competition increases at home.

Commercial Bank is seeking approval from Kuwait's central bank to transform into an Islamic lender to tap interest in Islamic financial products in the Gulf Arab state. (Reuters)

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