Kuwaiti SWF to take 16% stake in Gulf bank

The Kuwait Investment Authority, a sovereign wealth fund, has taken a 16% share in one of the country's largest banks.

The sovereign wealth fund bought the stake in Gulf Bank, one of the country's largest lenders, after the bank's share offer was undersubscribed.

Shareholders subscribed to 68% of the offer, leaving the fund, as agreed, to buy the remaining 32%.

"Shareholders covered 850.6m shares representing KD255.2m ($883.8m). Private shareholders now own 84% of the bank with the Kuwait Inv