ArabianBusiness.com - Middle East Business News
Wednesday, 08 October 2008 | 13:52 UAE time

YOUR DIRECTORY /

Print this page Print this page | Email this to a friend Email this to a friend | Discuss this article (0 Comments) |

Kuwait's CBK nears Syrian bank deal

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Thursday, 17 July 2008
NEW DEAL: Kuwait's Investment Dar is close to finalising a deal to sell its 12.5 percent stake in Syria's Cham Bank. (Getty Images)

Kuwait's Investment Dar is close to finalising a deal to sell its 12.5 percent stake in Syria's Cham Bank to Commercial Bank of Kuwait, a source at the investment firm said on Thursday.

"The deal to sell Cham shares to Commercial Bank is close to be concluded," said an official at Investment Dar, speaking on condition of anonymity. The source declined to give further details.

Commercial Bank, Kuwait's third-biggest bank by market value, said in March it planned to raise it stake in the Damascus-based lender to 30 percent as part of a regional expansion drive as it faces growing competition at home.

Story continues below
advertisement

Commercial Bank Chairman Abdul-Majeed Al-Shatti could not immediately be reached for comment on Thursday.

Investment Dar's executive vice-president, Amr Abou El-Seoud, said in May the company - which owns half of British luxury carmaker Aston Martin - had received an offer from Commercial Bank for its stake in Cham.

Kuwaiti daily Al-Qabas reported last month that Investment Dar, which operates according to Islamic law banning the payment or receipt of interest, would sell its stake for $7 million. It did not provide a source.

Print Print | Email Email | Discuss this article |



USER COMMENTS (0 COMMENTS)

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(Your email address will not be published)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 * Code


Please click post only once - your comment will not be published immediately.

more ยป MIDDLE EAST MARKETS DATA

CBK.KSE

Last Price:

1.22

+0.02+1.67%

8 Oct 2008 09:26 GMT
(Market Open)

CURRENCY CONVERTOR

RELATED LINKS

  1. Commercial Bank of Kuwait (CBK)»
  2. The Investment Dar Co.»

 EMAIL ALERTS

  1. Cham Bank, Syria

  2. Commercial Bank of Kuwait (CBK)

  3. The Investment Dar Co.

  4. Islamic Finance



BUSINESS FEATURES

Race to the bottom

The London-New York fight to be the world's pre-eminent financial centre is now a race to the bottom.

Kuwait's bull run turns bearish

Kuwait rode the emerging market wave for most of this year but now the mood is changing. Soren Billing reports.

Hedge fund revolt

London is turning its back on the $450bn industry that helped make the city a world financial leader.

ArabianBusiness.com/Jobs - Middle East Jobs Search
  1. Advertising Account Manager
    Industry: Finance
    Location: Middle East
  2. Translator/Interpreter
    Industry: Finance
    Location: Abu Dhabi, UAE
Browse all jobs »

BUSINESS INTERVIEWS

Why there's life after Lehman

As global markets go into freefall, where will sovereign funds be looking next? Makram Azar explains.

The iron lady

Global Investment's Maha Al Ghunaim on the Gulf's ability to come through the global financial crisis intact.

Comeback kids

Arabian Business talks to Unicorn's CFO to discover why Islamic finance is now in higher demand than ever.

MORE FROM ARABIANBUSINESS.COM