Sovereign wealth fund Kuwait Investment Authority, or KIA, is looking to off-load its stake in Gulf Bank KSCP and has appointed an adviser for the potential sale, Mubasher Info reported May 12, citing Gulf Bank.

The state fund holds a 16.081% direct stake in Gulf Bank, representing 490.157 million shares, and owns a total stake of 20.21% in the bank's capital as of Jan. 28, the report said.

The bank's capital currently stands at 304.8 million Kuwaiti dinars, spread across 3.048 billion shares with a par value of 100 fils per share.

As of May 10, US$1 was equivalent to 0.30 Kuwaiti dinar.