Kuwait's NBK to take $431m Boubyan stake

National Bank of Kuwait agrees to pay for additional 11.05% stake in Boubyan Bank
Kuwait's NBK to take $431m Boubyan stake
National Bank of Kuwait
By Reuters
Tue 31 Jul 2012 04:36 PM

National Bank of Kuwait (NBK) said on Tuesday it had agreed to pay KD121.65m ($431.2m) for an 11.05 percent stake in Boubyan Bank, a purchase which takes its ownership to 58.34 percent.

The bank, Kuwait's largest by market value, has now received regulatory approval from the Kuwait Capital Markets Authority for the purchase, it said in a bourse filing.

NBK opted for the smaller stake after failing to secure enough backing for a full takeover of the Kuwait-based Islamic lender during a tender offer for shares which expired on July 22.

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