I read great financial news today; the National Bank of Kuwait (NBK) has acquired about
27 33% of Boubyan Bank (BB) in a deal with Commercial Bank of Kuwait (CBK), making the NBK enter the world of Islamic financing. Of course this is bad news for Kuwait Financial House (KFH) who has stood as the only Islamic financial and banking organization in Kuwait and almost the GCC – with Dubai Islamic bank – for a very long time.
No question I’m moving to BB as soon as it’s official. Finally this puts an end to all the rumors.
Check out the story in Al-Qabas newspaper ( in Arabic)