We will present our annual award for Distinguised Service to Arab Banking to Mr. Isam al-Sager, the Group Chief Executive of National Bank of Kuwait at our Gala Dinner on 23 October.
NBK Sells its Stake in International Bank of Qatar
National Bank of Kuwait (NBK) said that it was selling its investment in International Bank of Qatar (IBQ) because it was not able to increase its 30% holding into a controlling stake.
NBK bought 20% of IBQ in 2004 and raised this to 30% in 2007. NBK had a management contract with the bank.
The gain of $87mn will be seen in the bank's 2014 accounts. (NBK reported net profits of $893mn for 2013.)
NBK's Chairman, Nasser Al-Sayer said that NBK's investment in IBQ had been very successful, that the Qatar remains an important market for the bank, but that NBK's strategic focus is on having controlling stakes.
IBQ had equity of $1.2bn at the end of 2013, making it the ninth largest of Qatar's ten commercial banks. It had assets of $7.9bn at the end of 2013.