8.40 PM Tuesday, 27 February 2024
  • City Fajr Shuruq Duhr Asr Magrib Isha
  • Dubai 05:27 06:40 12:34 15:52 18:23 19:37
27 February 2024

CBK mulls higher stake in Syria's Cham Bank

By Agencies

Commercial Bank of Kuwait said on Sunday it could raise its stake in Syrian Islamic lender Cham Bank to up to 30 per cent.


"CBK owns 10 per cent of the Islamic Cham Bank. We are in the process of ... increasing our stake in Cham Bank with other parties," said Chief Executive Jamal al-Mutawa.


"The deal is currently being studied by an external adviser, and based on the study, we will decide on increasing our stake," he told a news conference without giving further details.


CBK Chairman Abdul-Majeed al-Shatti told Reuters by telephone that the Kuwaiti lender was looking into raising its stake in Cham Bank to as much as 30 percent.


Cham Bank was established in 2006 with a capital of 5 billion Syrian pounds ($104.1 million; Dh382.05 million). (Reuters)