By Ahmed Awad

Kuwait-Mubasher: National Bank of Kuwait (NBK), the largest lender in the oil-rich state, said the divestiture of its 30% equity in Qatar International Islamic Bank (QIIB) was attributed by difficulty in raising ownership to a controlling stake, according to NBK’s CEO Aasem Al Jasem.

Speaking on the sidelines of an ordinary general meeting held Saturday, the top official added that the bank is adopting a strategy of owning controlling stakes in all of its investments.

NBK expects QIIB divestiture to be completed by the end of the first quarter of 2015, in a deal estimated at around $538 million (KWD 154 million).

Translated by Sayed Abdel Rahman