DUBAI, April 10 (Reuters) - National Bank of Kuwait (NBK) said on Tuesday it received the Kuwaiti central bank’s approval to increase its stake in Boubyan Bank to 60 percent from 47.29 percent.
The approval is valid for three months starting April 8, the statement added.
NBK, the country’s largest lender, has been building its Islamic banking business and in April last year raised its stake in Islamic lender Boubyan Bank to 47 percent.
Boubyan bank, which complies with Islam’s ban on interest, competes with Kuwait Finance House and Kuwait International Bank. (Reporting By Mirna Sleiman)