By Daniel Shane
Investment arm of Gulf state's largest lender acquires 50 percent shareholding in Bavet
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.