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NBK sells stake in IBQ

National Bank of Kuwait has sold its 30% stake in unlisted International Bank of Qatar for 155 million dinars ($537.5 million). The largest bank in Kuwait will book a profit of 25 million dinars ($86.7 million) from the sale in its 2014 accounts. The sale is to an unspecified group of Qatari investors. The profit from the sale, which is subject to regulatory approvals in Qatar, represents 61% of NBK’s fourth-quarter 2013 net profit of $142 million. International Bank of Qatar’s remaining 70% is privately-held by five Qatari companies. It is the second time in two years that a minority shareholder in a Qatari bank has sold out to local investors. Bahrain’s Ahli United Bank sold a 29.4% stake in Ahli Bank in January 2013 to Qatar Foundation, a non-profit organisation wholly-owned by the Gulf state’s royal family. NBK did not disclose a reason for selling its IBQ stake in it bourse statement on Thursday.

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