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Kuwait's NBK Capital to list within 3 years

DUBAI
Sun Mar 25, 2007 1:39pm EDT

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DUBAI (Reuters) - National Bank of Kuwait (NBKK.KW), the third-biggest Gulf Arab lender by market value, plans to list its investment banking unit NBK Capital within three years, a senior bank official said on Sunday.

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NBK Capital Chief Executive George Nasra told the Reuters Middle East Investment Summit the unit would be listed on the Kuwait stock exchange.

He said the investment-banking unit, which was hived off from the parent company in 2005, planned a listing to enable it to launch stock option programs.

"You need these assets to be liquid," he said.

NBK Capital is expanding in the Middle East to tap a rising demand for investment banking advisory services on the back of a wave of mergers and acquisitions pursued by Arab Gulf investors awash with petrodollars.

Stock option programs are often part of payment packages for top investment bankers at Western banks.
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