Kuwait's NBK Capital buys Turkish animal pharma stake

Investment arm of Gulf state's largest lender acquires 50 percent shareholding in Bavet
Kuwait's NBK Capital buys Turkish animal pharma stake
By Daniel Shane
Mon 23 Jul 2012 03:07 PM

National Bank of Kuwait's (NBK) investment arm NBK Capital said Monday it had acquired a 50 percent stake in Turkish animal pharmaceuticals distributor Bavet.

“The capital will be used to finance Bavet’s significant expansion plans and enhance its corporate infrastructure,” NBK Capital said in a statement today, Bloomberg reported.

Financial terms of the deal were not disclosed.

NBK, Kuwait's largest lender, last week reported a 41.6 percent slump in quarterly profit to US$140.2m.

For all the latest banking and finance 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.