Clifford Chance is advising the National Bank of Kuwait (NBK) on the proposed sale of its 30% stake in the International Bank of Qatar (IBQ) for $538 million to Qatari investors.
The exit will enable NBK to strengthen its capital position and pursue its regional expansion strategy of owning and managing controlling stakes in entities in the MENA region, with a greater focus on the GCC.
“We are delighted to be working with NBK on this transaction. Our market leading financial institutions M&A practice in the region will continue to be available to NBK to ensure its strategic M&A objectives are achieved and us very much look forward to further developing the relationship. These are exciting times for leading banks in the region,” Clifford Chance M&A partner and financial institutions expert, Mohammed Al-Shukairy, said.
“It was an important transaction for us and we are very pleased with the superb technical expertise and unwavering support received from Mohammed and his team at Clifford Chance,” Hania Farah, DGM/General Counsel for International (Legal) Affairs at NBK, added.
Mohammed led the Clifford Chance team with assistance from Senior Associate Andrew Steele and Associate Arun Visweswaran.