Commercial Bank of Kuwait (CBK) has reduced its stake in Boubyan Bank from 19.9% to nearly 12.7%, reports Reuters.
CBK chief executive Elham Yousri Mahfouz said, "We are selling the proportion we can sell.We have the right to and Basel III is coming, so it’s better for banks to improve their capital ratios."
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The lender, who has been making efforts to improve its capital to adhere to Basel III specifications, sold as many Boubyan shares without impacting those related to a legal dispute with Islamic investment firm Investment Dar, added Mahfouz.
According to Thomson Reuters statistics, 58% of Boubyan Bank is owned by the National Bank of Kuwait.
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