CBK to sell Bank of Bahrain stake

Negotiations in the final stages, but no agreement has been signed yet, according to Kuwaiti lender.
CBK to sell Bank of Bahrain stake
By Reuters
Wed 22 Aug 2007 10:30 AM

Commercial Bank of Kuwait (CBK) said on Wednesday it is final stages to sell its stake in Bank of Bahrain Kuwait.

Commercial Bank owns 20.17% of the Bahraini lender, according to the Kuwait stock exchange data.

"There are negotiations in the final stages and no agreement has been signed yet," Commercial Bank of Kuwait said in a statement on the Kuwait bourse website in response to newspaper reports.

The bank said it will inform the bourse of any developments.

Kuwaiti daily Al-Qabas said on Wednesday Commercial Bank would make a profit of 16 million dinars ($56.78 million) by selling an unspecified asset, which would be included in its third quarter results. It did not name its sources.

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