Kuwait Finance House (KFH) will divide the ownership structure of its Turkish asset management firm between local and Kuwaiti units, as the Islamic lender continues to build on its Turkey franchise.
KT Asset Management, a wholly-owned subsidiary of lender Kuveyt Turk, will transfer 5 million shares representing a 50 percent stake to KFH Capital, according to a regulatory filing.
Both Kuveyt Turk and KFH Capital are subsidiaries of KFH, Kuwait's second largest lender and one of the world's oldest Islamic banks.
KFH Capital is the main investment arm of KFH, which has restructured activities in recent years to streamline operations and focus on growth markets such as Turkey.
(Reporting by Bernardo Vizcaino; Editing by Biju Dwarakanath) ((Bernardo.Vizcaino@thomsonreuters.com; Telf: +61293218168; Reuters Messaging: email@example.com))