Kuwait's IIG to set up $1 billion Sudan bank (09/07/07)

Kuwait-based International Investment Group (IIG) is part of a group of investors setting up a bank in Sudan with a paid-up capital of $1 billion, the firm said in a statement yesterday.

IIG said the group would own 30 percent of the new bank, and that 70 percent would be open for public subscription. No further details were given.

"An investment group that includes IIG and other firms, has received official permission to establish a jumbo bank in Sudan with a capital of $2 billion, $1 billion of which will be paid up," the statement, posted on the Bahrain bourse's Web site, said. "The percentage owned by the group will be 30 percent and 70 percent will be for public subscription," it continued.