KUWAIT: National Bank of Kuwait (NBK), the country’s biggest lender by market value, has raised its stake in Islamic lender Boubyan Bank to 40% as it seeks to boost its Shariah compliant business.
NBK has bought Securities Group Company’s 7.2% stake in the Islamic lender in order to convert Boubyan Bank into its standalone Islamic banking arm.
Earlier this month Boubyan Bank said it planned to raise its capital by 50% as it seeks to expand in Kuwait.