(MENAFN - Kuwait News Agency (KUNA)) The acquiring of shares of Bobyan Bank by an investor or more would stress comptetion in the Islamic banking in particular and the financial and banking sectors in general, said Central Bank of Kuwait (CBK) Governor Sheikh Salem Al-Sabah.
In an interview with Kuwait's Al-Rai newspaper on Sunday, Al-Sabah said that would also contribute in efficiency increase and performance development and would enable the local banking sector to overcome challenges.
He pointed out that banks were given the freedom to perform pressure tests without the interference of CBK to stress the mechanisms of working according to risk management boundaries.
He said that CBK gave permission for seven investment companies to ask socialized counseling bodies to study and assess their situations, but non of the companies requested benefiting from the financial stability law.
Al-Sabah stressed that it was important to stress the growth of national economy.
National Bank of Kuwait (NBK) and Securities Group recently acquired the Kuwait Investment Authority's (KIA) holding in Boubyan Bank via auction, raising NBK's total ownership of Boubyan Bank to 27.5 percent.