Reportedly, the Kuwait-based bank has increased its stake in the Iraq-based firm to 50.6% after acquiring an additional 5.3% stake for $10.7m.
The move is part of its plan to branch out of the home market become a regional player. Other Kuwaiti financial firms such as National Bank of Kuwait and Commercial Bank of Kuwait have also been expanding overseas to offset increasing domestic competition where foreign players have entered the fray, reported the news agency.
