National Bank of Kuwait (NBK) has obtained approval from the Central Bank of Kuwait to raise its stake in the local Boubyan Bank to 60 per cent of the bank’s capital.

The approval is valid for three months effective from 22 March, 2010.

A source at NBK said on 28 March that should it wish to increase its stake in Boubyan, it would need to declare its plans to the Kuwait Stock Exchange in accordance with the central bank instructions.