Kuwaiti government officials have given the green light to a new bank being set up in the Gulf state which will have a capital of $349m.
The Kuwaiti cabinet has approved a draft decree to establish Warba Bank as a Kuwaiti shareholding company with 24 percent of its stocks owned by the state-owned Public Investment Authority, Minister of State for Cabinet Affairs Roudhan Al-Roudhan told KUNA News Agency.
He said the remaining 76 percent of stocks would be granted as bonus shares for all Kuwaitis, starting from the publication of the decree in the official gazette.
A statement said the cabinet approval had now been referred to Kuwait’s Emir Sheikh Sabah al-Ahmad al-Jaber al-Sabah for ratification.
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