Grupo Torras
In 1986, the KIA's London based subsidiary, the Kuwait Investment Office (KIO), bought control of Torras Hostench, a Spanish paper maker. Torras subsequently took over a number of other companies to become Grupo Torras in June 1988. KIO invested about $2.5 billion in building up the company and another $1.8 billion to shore it up after the end of Spain's 1980s economic boom and the annexation of Kuwait by Iraq. However, in December 1992 Grupo Torras entered receivership among accusations of fraud, and Kuwait's investment was a total loss. One of its projects was the Gate of Europe twin towers in Madrid, which was still incomplete when the company collapsed. [8]
Financial Institutions
KIA established Cartera Central together two Spanish businessmen in the 1980s, which managed a 12.5% stake in Banko Central. KIA later sold their 48.8% stake in the company. [9] [10]
In September 2006, KIA invested $720 million in the Industrial and Commercial Bank of China. [11] [12] During the global financial crisis in January 2008, KIA purchased preferred stock in Citigroup, at a reported value of $3 billion, which it sold for $4.1 billion in December 2009. [13] [14] KIA also participated in Merrill Lynch's $6.6 billion preferred share issue in January 2008, with an estimated contribution of $2 billion. [15] [16] In January 2009, KIA acquired a 16% stake in Gulf Bank of Kuwait during their recapitalisation. [17] In 2009, KIA also invested $750 million in BlackRock. [18] In July of the same year, it sold its entire 19.8% holding in Boubyan Bank, which was bought by the National Bank of Kuwait and the Securities Group. [19] [20]
In 2010, KIA invested $800 million in Agricultural Bank of China, [21] [22] as well as $1 billion in AIA Group. [23] In September of the following year, KIA invested $200 million in CITIC Securities Hong Kong listing. [24] [25]
In July 2025, KIA sold AIA Group shares worth $3.4 billion, [26] [27] as well as Bank of America stock worth $3.1 billion. [28] [29]
US$1.029 trillion (February 2025)
