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)For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.