|18 August, 2019

Kuwait central bank nods to raising NBK’s stake in Boubyan Bank

Kuwait's central bank governor approved raising the NBK’s stake in Boubyan Bank to 59.88% from 59.52%

Kuwait Central Bank (CBK) new Building, kuwait City, Kuwait.

Kuwait Central Bank (CBK) new Building, kuwait City, Kuwait.

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Kuwait - The governor of Kuwait’s central bank Mohammed Al Hashel approved for the National Bank of Kuwait (NBK) to reduce its stake in NBK-France’s capital to 80.32% from 85%.

In addition, Al Hashel approved raising the NBK’s stake in Boubyan Bank to 59.88% from 59.52, according to Al Anbaa newspaper.

Moreover, the governor ratified hiring Hanan Yousef Ali Yousef, instead of Raed Khaled Al Kharafi, as a board member in Kuwait Finance House (KFH) to represent Kuwait Awqaf Public Foundation during the three-year period (2017-2019).

In the same context, the Central Bank of Kuwait (CBK) approved for Bahrain Exchange Company to raise the legal reserve to KWD 2.28 million from KWD 2.15 million, as well as increasing the optional reserve to nearly KWD 481,800 from about KWD 350,400, upon the company’s financials on 31 December 2018.

Similarly, Kuwait's central bank approved for Al Safa International Exchange to raise its capital to KWD 1.42 million from KWD 1.3 million.

It is noteworthy that the central bank’s decisions will be implemented effectively as of today, 18 August 2019, in line with its publication on the Official Gazette, Kuwait Al Youm Newspaper, as reported by Al Anbaa.

Source: Mubasher

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