Bloomberg News

National Bank of Kuwait Denies Exposure to First Investment

October 16, 2011

Oct. 16 (Bloomberg) -- National Bank of Kuwait SAK said it didn’t have exposure to First Investment Co., a Kuwaiti Islamic finance company known as Al-Ola, and denied a report that it was part of a debt restructuring accord.

“NBK denies signing any restructuring debt agreement with Al-Ola Investment," the bank said in an e-mailed statement today. ‘‘We did not take part in this agreement and we do not have any relationship with or exposure to Al-Ola Investment.’’

Al-Ola Chief Executive Officer Khalid al-Sanaousi told Bloomberg News on Oct. 13 that the company signed an agreement with its creditors to restructure 92 million dinars ($334 million). He said National Bank of Kuwait, Kuwait Finance House, Burgan Bank SAK, Kuwait International Bank, Commercial Bank of Kuwait SAK and Boubyan Bank were part of the accord signed in February.

--Editors: Shaji Mathew, Claudia Maedler

To contact the reporter on this story: Fiona MacDonald in Kuwait at fmacdonald4@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net


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