Financial and Banking News


NBK Control of FRAB Consolidated

The National Bank of Kuwait (NBK) has increased its stake in the FRAB Bank group from 87% to over 97% with the purchase of some FF3.97bn-worth equivalent to 10% of the group's equity from a Saudi investor. NBK first acquired a 51% stake in FRAB in November 1981 and increased this to 87% in July 1986 by buying out the bulk of the Arab shareholders in what had originally been a French/Arab banking consortium....