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Tue 2 Oct 2007 12:19 PM

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Kuwait to sell stake in Iraqi bank

Kuwaiti investment firm Iraq Holding in talks to sell 20% stake in Bank of Baghdad, expects $10.7mn profit.

Kuwaiti investment firm Iraq Holding said on Tuesday it was in talks to sell its 20% stake in Iraqi lender Bank of Baghdad.

The company did not identify the buyer in a statement on the bourse web Site, saying only it expected a profit of around 3 million dinars ($10.73 million) if a deal was concluded.

"The company announces that it is in negotiations with one party," it said.

Bank of Baghdad, founded in 1992, has expanded its business since the central bank allowed private lenders to offer full banking services, and has opened an international banking unit, according to its Web site.

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