BBK raises capital to BHD 100 million

MANAMA, Jan 28 (KUNA) — The Bank of Bahrain and Kuwait (BBK) announced Thursday that the general assembly has agreed to raise the bank’s capital to BHD 100 million, equal to USD 265 million, in the form of bonds convertible into shares.
The bank will launch the bonds next March for its shareholders only, Murad Ali Murad, BBK’s chairman of the board, said in a press conference, noting that the amount is to be used for the bank’s future businesses, projects development for the next two years and a number of businesses in GCC countries.
These bonds, convertible into shares with eight percent interest, aims at achieving the requirements of the Third Basel Accord (BASEL III), Murad said, adding that the bank’s shareholders’ equity will increase from BHD 340 million to BHD 440 million. (end)