National Bank of Kuwait (NBK), one of the leading banks in Kuwait, has signed an agreement with Commercial Bank of Kuwait (CBK) for acquisition of 40 per cent of shares in Boubyan Bank, an Islamic bank based in Kuwait.

As per the agreement, CBK will sell its stake in Boubyan Bank amounting to 220,631,095 shares to NBK for 550 fils per share.

The move complements NBK’s strategic drive to enter the Islamic banking industry that is witnessing high growth potential, said a statement from the NBK.-TradeArabia News Service