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.
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