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27-DEC-93/3 JAN 94

Financial and Banking News

Regional Banking

Kuwait Cabinet Approves Bill Allowing GCC Investment

The Kuwaiti cabinet approved on 19 December a bill that will allow citizensof the Gulf Cooperation Council (GCC) states to own up to 49% of Kuwaiti banksand insurance companies. Also under consideration is a proposal to allow foreignbanks outside the GCC to own up to 40% of local banks. The bill must next beapproved by the Kuwaiti National Assembly before it can...