Clifford Chance

Clifford Chance advising NBK on proposed sale of its 30% stake in IBQ to Qatari investors

Clifford Chance announced today that it is advising the National Bank of Kuwait (NBK) on the proposed sale of its 30% stake in the International Bank of Qatar (IBQ) for US$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.

Clifford Chance M&A partner and financial institutions expert, Mohammed Al-Shukairy, said: "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 we very much look forward to further developing the relationship. These are exciting times for leading banks in the region."

Hania Farah, DGM/General Counsel for International (Legal) Affairs at NBK added: "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."

Mohammed led the Clifford Chance team with assistance from Senior Associate Andrew Steele and Associate Arun Visweswaran.