National Bank of Kuwait's annual general assembly held yesterday (September 23) approved a 20 per cent capital increase.

Deputy CEO Isam J Al Sager said based on NBK's forward-looking strategy, the Board of Directors has decided to propose a 20 per cent capital increase through a rights issue, whereby new shares of 100 fils will be offered at a premium of 900 fils per share.

Al Sager said the decision to increase NBK's capital fits with the  requirements of the bank's strategic expansion approach that has been recently demonstrated through a host of successful steps, particularly the acquisition of a stake in the Turkish Bank, the acquisition of Al Watany Bank of Egypt, and the role played by NBK in financing major economic projects in new regional markets.  – TradeArabia News Service