National Bank of Kuwait (NBK), the country’s largest lender, said on Saturday its $1.5 billion share rights issue was 145% oversubscribed.
NBK received subscriptions worth more than $3.7 billion, the bank said in a statement after the issue to existing shareholders ended on Wednesday.
NBK shareholders approved the 20% capital increase in September to help finance the acquisition of AlWatany Bank of Egypt for $522 million in August.
It held 96% of the Egyptian lender at end-November and has said it aims to buy out the remaining shareholders.
NBK also bought 40% of Istanbul-based Turkish Bank for $160 million in July, one of a series of Gulf investments in Turkey.
The bank has been expanding in the Middle East as foreign players such as HSBC and BNP Paribas have entered its home market and is also seeking a presence in Syria.
For 2007, NBK expects net profit to grow by 16% to about $1.1 billion, chief executive Ibrahim Dabdou said on October 11. (Reuters)
Follow us on
