NO. 46

15 AUGUST 1994

Financial and Banking News

Regional Banking

Foreign Interests May Now Own 40% Of Kuwaiti Banks/Insurance Companies

A new law to allow foreign participation in Kuwait's financial system cameinto effect on 1 August following its publication in the Official Gazette. Law51 of 1994 permits foreign companies to hold up to 40% of local banks or insurance companies, subject to approval by the Central Bank of Kuwait in the caseof banks and the Ministry of Trade and Industry...