CBK eyes 70% stake in Yemeni bank

Commercial Bank of Kuwait is seeking to buy 70% of Yemen Gulf Bank, daily Al-Qabas says.
CBK eyes 70% stake in Yemeni bank
By Rania el-Gamal
Thu 06 Mar 2008 12:20 PM

Commercial Bank of Kuwait (CBK) is seeking to buy 70% of Yemen Gulf Bank, al-Qabas newspaper quoted the Kuwaiti bank's chief executive Jamal al-Mutawa as saying on Thursday.

Yemen Gulf Bank's chairman had approved a $30 million investment, to be made jointly by CBK and the World Bank's commercial lending arm, Al-Qabas said.

Yemen Gulf Bank Chairman Mohammed Hassan Al-Zubieri told newswire Reuters in December CBK and International Finance Corporation, a World Bank unit, would hold an 80% stake.

The deal would increase the Yemeni bank's capital to 6 billion Yemen riyals ($30.19 million), the paper said.

Like other Gulf Arab lenders, Commercial Bank is pushing abroad as competition increases at home.

Commercial Bank is seeking approval from Kuwait's central bank to transform into an Islamic lender to tap interest in Islamic financial products in the Gulf Arab state. (Reuters)

For all the latest business 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 our Newsletter

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.