Monday, 13 July 2009 at 17:24, Kuwait, Reuters
Kuwait's Securities Group Co said it had won central bank approval to buy 9.99 per cent in Islamic lender Boubyan Bank.
The three-month approval period started on July 12, the firm said in a statement on Kuwait's bourse website on Monday.
National Bank of Kuwait, the country's biggest bank by assets, has said it has approval to buy up to 40 per cent in Boubyan. NBK is the third-largest shareholder in the Islamic lender, and currently owns a 13.85 per cent stake.
Kuwait Investment Authority said last month it would offer its Boubyan stake in a public auction in July.
KIA, the OPEC member's sovereign wealth fund, is the largest shareholder in Boubyan with a 20 per cent stake, according to bourse data.
Boubyan Bank, which complies with Islam's ban on interest, competes with larger rival Kuwait Finance House and Kuwait International Bank.
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