US bank seeks stake in Kuwait's KAMCO


An unidentified US investment bank has been looking to buy a stake in Kuwaiti fund manager KIPCO Asset Management Co (KAMCO), Al Watan reported on Sunday, without saying how it got the information.

The bank has been looking for the last 18 months, though the plan is on hold for the moment, the newspaper said.

Bahraini lender United Gulf Bank, a unit of Kuwait Projects Co (KIPCO), is KAMCO's largest shareholder with a 72.2 per cent stake, according to the Kuwaiti bourse website.

KAMCO officials could not immediately be reached for comment. (Reuters)