Commercial Bank of Kuwait (CBK) is seeking to buy 70 percent of Yemen Gulf Bank, al-Qabas newspaper quoted the Kuwaiti bank’s chief executive Jamal al-Mutawa as saying on Thursday.
The deal would increase the Yemeni bank’s capital to 6 billion Yemen riyals ($30.19 million), the paper said.
Like other Gulf Arab lenders, Commercial Bank is pushing abroad as competition increases at home.
Commercial Bank is seeking approval from Kuwait’s Central Bank to transform into an Islamic lender to tap interest in Islamic financial products in the Gulf Arab state.
(Reporting by Rania el-Gamal, Editing by Lin Noueihed)
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