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Emirati investor eyes stake in Kuwait’s NBK-report

Investor seeks ten percent, reports local paper.

August 29, 2010 4:51 by

An Emirati investor is interested in buying a 10 percent stake in National Bank of Kuwait (NBK), the country’s biggest lender, a local newspaper reported on Sunday.

“It has been said that an Emirati investor wants to buy (the stake),” Kuwaiti daily al-Qabas said citing sources.

Earlier in August the newspaper reported that at least two shareholders of NBK received offers to sell a 10 percent stake in the bank.

A spokesman for the bank said then that NBK had not been reached or contacted by any party.

“Companies who have enough amounts of shares, are being polled to know their readiness to give up these shares, prior to getting into any agreements or official procedures,” the report said on Sunday.

In March, NBK’s shareholders approved a 10 percent capital increase through a rights issue to fund expansion.

(Reporting by Kuwait newsroom; Editing by Jason Benham)

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