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Sun 23 May 2004 04:00 AM

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National Bank of Kuwait moves into Qatar

NBK has taken a stake in Grindlays Qatar Bank (GQB) and assumed management control.

National Bank of Kuwait (NBK) has taken an undisclosed minority stake in Grindlays Qatar Bank (GQB) and taken control of its day to day management. The bank’s name will also change to International Bank of Qatar.

The deal values International Bank of Qatar at US $100 million.

NBK’s chairman, Mohamed Abdul Rahman Al Bahar, said that services would continue as normal and that no changes in staff or management are planned.

NBK is on a regional expansion drive that has seen it establish presences in Jordan, Saudi Arabia and Iraq.

For International Bank of Qatar, this hopefully marks the end of a bumpy journey. The organisation was previously part of ANZ Grindlays before coming under the management of Standard Chartered Bank and now ending up with NBK.

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