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Qatar Group May Buy Kuwait’s Arab African Bank Stake, Qabas Says

Jan. 2 (Bloomberg) -- A Qatari investment group may offer to buy Kuwait’s stake in Cairo-based Arab African International Bank, Al-Qabas reported, citing people it didn’t identify.

The unidentified Qatari group is expected to visit Kuwait and make the offer to the Kuwait Investment Authority, the country’s sovereign wealth fund, the Kuwait-based newspaper said. It didn’t provide offer details.

The Central Bank of Egypt and the Kuwait Investment Authority each hold 49.36 percent of Arab African International Bank, according to data compiled by Bloomberg.

To contact the reporters on this story: Fiona MacDonald in Kuwait at fmacdonald4@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net

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