Post by niseag on Apr 13, 2014 2:08:39 GMT 4
Commercial Bank of Kuwait, the Gulf state's fifth largest lender by assets, said a majority of shareholders had approved a plan to convert the bank into a full-fledged Islamic lender.
The bank's chairman Ali Mousa Al Mousa was quoted as saying on Wednesday that 85 percent of shareholders had approved the move, adding that the measure would still require further approvals.
"The decision does not take immediate effect - it is just a first step in a legal process involving several studies and approvals."
The bank also said it had received approval to raise KWD120m ($426m) through the sale of subordinated bonds to help in its expansion plans.
The bank's chairman Ali Mousa Al Mousa was quoted as saying on Wednesday that 85 percent of shareholders had approved the move, adding that the measure would still require further approvals.
"The decision does not take immediate effect - it is just a first step in a legal process involving several studies and approvals."
The bank also said it had received approval to raise KWD120m ($426m) through the sale of subordinated bonds to help in its expansion plans.