AlQabas quotes informed sources that the Board of BB has informed the Central Bank and major shareholders that it intends to resign so that a new board can be elected. Presumably this accords with the wishes of the new shareholders. The article goes on to praise the old board for taking decisive steps to strengthen the bank, e.g., the decision to take KD66.9 million in provisions and raising additional capital.
The AlQ article says that of the nine member board, 5 new members will be elected and 4 from the old board re-elected.
I guessing the National Bank of Kuwait wants to tighten its grip. A rather large chunk of capital was provision away for 2009 and that's definitely not the sort of results NBK is known for.
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