Troubled Kuwaiti investment firm raises $92m from sale of Bahraini bank
Indebted-Kuwaiti firm The Investment Dar has sold its 51.6 per cent stake in Bahrain Islamic Bank to National Bank of Bahrain (NBB) and a unit of the state-run pension fund Social Insurance Organisation.
The sale raised $92m for the Kuwaiti firm, which restructured $3.7bn of debt in 2011.
NBB said the acquisition would enable it to start moving into the Islamic finance sector.
Rasheed al-Maraj, governor of the Central Bank of Bahrain, said in early March that it was still putting pressure on smaller banks in the country to merge.
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