(MENAFN- Kuwait News Agency (KUNA)) KUWAIT, Jan 12 (KUNA) -- Boubyan Bank and the telecommunication company Zain have withdrawn from a consortium for setting up a digital bank under umbrella of the Central Bank of Kuwait.
The bank and the company said in separate disclosures on Boursa Kuwait website on Thursday that following discussions among parties of the consortium they 'had all agreed on the pullout however the relationship between Boubyan and Zain would proceed according to their other strategies.'
The bank was established in 2004 and was listed in the bourse in 2006. Its capital amounts to KD 373.8 million (USD 1.13 billion).
Its operations cover deposits, funding of various terms according to the Islamic Shariaa (law), banking and financial services, dealing in stocks and bonds.
Zain was founded in 1983 and was listed in the bourse in 1985. Its capital amounts to KD 432.7 million (USD 1.31 billion).
The telecommunication company specializes in sets and accessories' trade, equipment maintenance and investment in financial portfolios. (end)
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