UAE lender offers to buy Kuwait's CBK

Published Thursday, December 27, 2007

By Agencies

An unidentified United Arab Emirates bank has made an offer to buy almost 60 per cent of Commercial Bank of Kuwait (CBK) for 2.25 dinars ($8.20) per share, a newspaper reported on Thursday.

Kuwait's fourth-largest lender by market value was currently studying the offer worth 1.6 billion dinars, Al Anba newspaper said, without giving sources.

Commercial Bank officials could not be immediately reached for comment.

Commercial Bank said earlier this year it had been in talks with unidentified local and foreign investors about selling a stake, but the negotiations ended in May over differences in price.

Kuwaiti newspapers have repeatedly reported on takeover interest in CBK from foreign lenders, with daily Al Qabas saying on August 12 that a Qatari bank was considering buying a majority stake in the Kuwaiti lender.

Shares of Commercial Bank were up 1.37 per cent at 0623 GMT. (Reuters)

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