Kuwait's CBK reduces activity of investment unit - paper

by This email address is being protected from spam bots, you need Javascript enabled to view it on Thursday, 02 July 2009

BANK WOES: CBK Capital was launched in 2008 with a capital of 15 million dinars ($52.21m).(Getty Images)

Commercial Bank of Kuwait (CBK) has reduced the activities of its investment arm CBK Capital due to the lack of investment opportunities, a newspaper said on Thursday.

CBK Capital's activities have been transferred to the bank's investment division and some of its staff have been laid off to lower expenses, local daily Al Qabas said citing unidentified sources in CBK.

The lender will review the restructuring process of its investment arm, the paper added.

"We did not cancel the licence of (CBK Capital) and did not request liquidation from the central bank," Qabas said quoting the sources.

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CBK Capital was launched in 2008 with a capital of 15 million dinars ($52.21m), according to its website.

Officials at CBK were not immediately available for comment. (Reuters)