NBK raises stake in Boubyan Bank to 47%

National Bank of Kuwait (NBK), the country’s largest lender and the biggest shareholder in Islamic lender Boubyan Bank, has raised its has received the Kuwaiti central bank’s approval last month to raise its 40 percent stake in Boubyan to a maximum of 60 percent. The approval is valid for three months, starting March 22.

Boubyan bank, which complies with Islam’s ban on interest, competes with larger rival Kuwait Finance House and Kuwait International Bank.