National Bank of Kuwait (NBK K.P.S.C.) has made a disclosure to Boursa Kuwait, stating that it has reached a preliminary agreement to sign a Memorandum of Understanding (MoU) regarding the readiness of its subsidiaries, NBK Capital (K.S.C.C.) and Watani Financial Brokerage Company (K.S.C), to merge. According to the agreement, NBK Capital will be the merging company, and Watani Financial Brokerage Company will be the company being merged.
The merger will be executed once the necessary approvals from the relevant regulatory authorities, as well as the extraordinary general assemblies of NBK Capital (K.S.C.C.) and Watani Financial Brokerage Company (K.S.C), are obtained. As for the financial impact of the merger, NBK stated that there is currently no financial impact to report.