National Bank of Kuwait (NBK) announced today its intensions to acquire 52% of the Union Bank for Savings and Investment (UBSI) of Jordan.
NBK's Chairman, Mr. Mohamed Abdulrahman AlBahar said that the proposed acquisition features a strong strategic fit with NBK's regional successful expansion strategy in the Arab world. This move will complement NBK's regional geographic footprint in Bahrain, Qatar, Lebanon and Saudi Arabia. UBSI also represents a faster and deeper platform to gain exposure to one of the attractive and fastest growing banking markets in the Middle East.
Al Bahar added that this deal will enable NBK to further enhance and reliably serve the Kuwaiti investments in Jordan, foremost of which the MTC affiliated Fastlink Telecommunication Company, the Jordanian-Kuwaiti Holding Co., the Sultan Center and other Kuwaiti and Gulf investments, in addition to fostering bilateral cooperation and investments between the two countries.
NBK is also eyeing further expansions in other Arab and regional countries with dynamic and fast growing economies, concluded Al-Bahar.
© 2007 Al Bawaba (www.albawaba.com)
