Noor wants global partner

by Richard Kilner

Story link: Noor wants global partner

Noor Financial declared on Thursday that it is hoping to find a foreign partner with whom to extend its global market reach.

The Kuwaiti investment firm may also be considering selling a stake of up to 20% to an international bank.

Negotiations with potential partners would start in the third quarter, according to managing director Naser Al Merri.

Al Merri also stated that a capital hike could take place in 2009, in order to sell shares to a bank.

An international bank is desired because of the access Noor would gain to international markets, the MD told the Reuters news agency.