CBK considers stake in Iraqi Islamic bank

zoom

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)

Print | Email | Discuss this article |

USER COMMENTS (0 COMMENTS)

POST A COMMENT

CLICK HERE TO POST A COMMENT

Add your Comment All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic.
Name *
Remember me on this computer
Email *	(Your email address will not be published)
City
Country
Subject *
Comment *
Notify me of further comments
Security Code *
Please click post only once - your comment will not be published immediately.