NBK Capital ends company-specific research coverage
DUBAI, March 4, 2016
NBK Capital, the investment arm of National Bank of Kuwait, has ended its company-specific research coverage and frozen all stock recommendations.
In a communication sent to clients on Wednesday (March 2) and seen by Reuters, the firm said this was part of "efforts to optimise" research services.
Brokerage services provided by the firm will not be affected, while NBK's Economic Research Group will continue to operate as usual, it added.
NBK Capital did not respond to an emailed request for comment. It had provided extensive company-specific research coverage of stocks in the Gulf and Egypt.
About six to eight staff members are being let go as a result of the decision, sources aware of the matter said. One said the research operation covered about 90 companies in the Middle East and North Africa. - Reuters
