Commercial Bank of Kuwait (CBK) said on Sunday it plans to liquidate its investment unit, according to a bourse filing. The bank said in a statement the move to close CBK Capital, a fully-owned subsidiary which manages the bank’s proprietary investment portfolio, would not have a negative impact on the bank’s financial position but gave no details.
CBK Capital managed two money market funds, a Kuwaiti stocks fund and an Islamic finance fund, the source said. According to its 2011 cash flow statement, the bank spent 117.3 million dinars on acquiring investment securities last year and its proceeds from disposing of investment securities totalled 57.3 million………………………………………..Full Article: Source