No. 44



NBK Takes Control Of Rifbank

National Bank of Kuwait announced on 24 July that it had taken control of the medium-sized Lebanese bank Rifbank. According to reports from Lebanon, NBK previously had a 45% stake in Rifbank and upped its stake through subscribing an extra $5.5mn to raise its shareholding to 78% and Rifbank's total capital to $10.2mn. Rifbank has 6 branches and 113 staff and will change its name to National Bank of Kuwait - Lebanon.