VOL. XXXII

NO. 37

19-JUNE-1989

Financial and Banking News

REGIONAL BANKING

KIA Nominees Take Over Albaab

Two Kuwaiti investment companies - the Kuwait Foreign Trading, Contractingand Investment Company (KFTCIC) and Kuwait and Middle East Financial InvestmentCompany (KMEFIC) - acting as nominees for the Kuwait Investment Authority (KIA)have each bought a 47.9% stake in the troubled Al Bahrain Arab African Bank (Albaab),after a rescue program partly financed by KIA funds cleared up Albaab's badly...