VOL. XLIV

No. 21

21-May-2001

KUWAIT

GIC Sells GIB To GCC

The Kuwait-based Gulf Investment Corporation (GIC) announced officially on 14 May following months of speculation that it is to sell its 72.45% stake in the Bahrain-based Gulf International Bank (GIB) and that Hisham Razzuqi is to replace Khaled al-Fayez as the Chief Executive Officer and General Manager of GIC. In a statement, GIC said that the GIB stake would be sold to the GCC states (the existing shareholders of GIC). "The sale based...