The Kuwait National Bank Group announced today, Thursday, that it has "signed an agreement to secure an Asian loan facility worth $600 million, as well as obtaining approval from the Central Bank of Kuwait to increase its capital by 50 million dinars through the issuance of new shares."
The bank stated in separate announcements that "the loan facilities were signed through its branch in the Dubai International Center, and this funding, which it described as 'historic,' was signed with 11 Asian lenders."
These facilities aim to support the liquidity requirements of the Kuwait National Bank Group and its future growth plans. It will be used for the group’s specific purposes, according to the statement.
The bank mentioned that "it will complete all necessary procedures and obtain the required approvals to call for this increase after receiving the extraordinary general assembly approval from its shareholders and the Capital Markets Authority on the issuance and the prospectus related to the issuance."
