CBK could buy Turkish lender

A Commercial Bank of Kuwait delegation visits Turkey to investigate a possible acquisition.
CBK could buy Turkish lender
By Administrator
Mon 04 Jun 2007 12:50 PM

A delegation from Commercial Bank of Kuwait (CBK) will visit Turkey on Monday to evaluate the possible acquisition of a Turkish lender, a newspaper said on Monday.

Kuwaiti daily al-Rai said the visit was part of talks a consortium including Commercial Bank of Kuwait is holding for a majority stake in a Turkish lender. The paper did not say how it got the information.

The Kuwaiti bank had been invited by a Turkish bank to examine its books during the one-day visit, Rai reported.

Rai also said Qatar National Bank has renewed an offer to buy a stake in Commercial Bank of Kuwait. It said the current offer is for a minority stake in the bank of nearly 20% and no price has been determined.

Commercial Bank of Kuwait officials were not immediately available for comment.

Kuwaiti daily al-Qabas said on Saturday CBK was in talks to buy a significant stake in an unidentified Egyptian lender and also wants to acquire a stake in a Turkish bank.

Rai said a week ago the bank was in advanced talks to buy 51% of a regional lender for almost $1.5 billion and 51% of an unnamed Gulf Arab lender for up to $150 million.

The Kuwaiti bank has itself been the subject of acquisition talk this year.

It said last month talks with local and international investors about taking a significant stake in the lender had ended without agreement because of differences over price.

Like other Gulf banks, CBK has expanded abroad as competition increases at home. It has started operations in Iraq and Syria, and is the largest shareholder in Bank of Bahrain & Kuwait.

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