CBK considers stake in Iraqi Islamic bank

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ISLAMIC LENDING: Commercial Bank of Kuwait is looking to buy a 50 percent stake in Iraqi Islamic lender The Tigris and Euphrates Bank for Development and Investment. (Getty Images)

Commercial Bank of Kuwait (CBK) is looking to buy a 50 percent stake in Iraqi Islamic lender The Tigris and Euphrates Bank for Development and Investment, a newspaper said on Sunday.

CBK, the country's fourth-biggest lender by market value, was studying the deal as part of a strategy to expand in Arab countries, especially Kuwait's neighbours, Al-Watan daily said without disclosing the source of the report.

It did not say how much CBK was expected to pay for the stake in the Baghdad-based bank, set up in 2005 with a capital of $41.73 million.

CBK could not be immediately reached for comment.

CBK Chairman Abdul-Majeed Al-Shatti said in April the lender, which has been expanding in the region, was in talks to buy a large stake in an Iraqi lender, but did not identify the bank. (Reuters)

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