Kuwait National Bank rights issue 5 times covered

Kuwait National Bank's 10 per cent capital increase has been five times oversubscribed, the bank said on Saturday. The country's biggest lender said the rights issue, to raise capital to 360 million dinars ($1.3 billion), was 553 per cent covered and priced at 0.5 dinars per share.

"This comes as a confirmation of the confidence NBK has among shareholders and investors despite the global financial crisis," NBK said in a statement. The bank also said the increased capital was in line with plans to continue expansion inside and outside of Kuwait, as well as developing its lending portfolio and its role in the financing of economic projects in Kuwait and the region.