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22 February 2024

CBK seeks 70% stake in Yemeni bank

By Agencies


Commercial Bank of Kuwait (CBK) is seeking to buy 70 per cent of Yemen Gulf Bank, Al Qabas newspaper quoted the Kuwaiti bank's chief executive Jamal Al Mutawa as saying on Thursday.

Yemen Gulf Bank's chairman had approved a $30 million investment, to be made jointly by CBK and the World Bank's commercial lending arm, Al Qabas said.

Yemen Gulf Bank Chairman Mohammed Hassan Al Zubieri told Reuters in December CBK and International Finance Corp, a World Bank unit, would hold an 80 per cent stake.

The deal would increase the Yemeni bank's capital to $30.19 million, the paper said.

Like other Gulf Arab lenders, Commercial Bank is pushing abroad as competition increases at home.

Commercial Bank is seeking approval from Kuwait's central bank to transform into an Islamic lender to tap interest in Islamic financial products in the Gulf Arab state. (Reuters)