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Regulator approves NBK’s $431.2m Boubyan stake buy

The National Bank of Kuwait (NBK) has received the approval by the Capital Markets Authority to acquire an 11.05% stake in Boubyan Bank, in a KD121.65m ($431.2m) deal that takes its ownership to 58.34%, Reuters has reported. NBK opted for the smaller stake after failing to secure enough backing for a full takeover of the Kuwait-based Islamic lender during a tender offer for shares which expired on July 22.