In August 2007, the National Bank of Kuwait (NBK) acquired a 51% stake in Al Watany for US $516 million.[4][5] The offer was extended to other shareholders and by October 2007, the National Bank of Kuwait had acquired a total of 93.77% stake in the bank for a cost of over US $900 million by October 2007.[5] The purchase marked the entry of the National Bank of Kuwait into the Egyptian market for the first time and represented a significant stage in the bank's strategy of expansion in the region.[6] The bank intended to triple the number of branches in five years and turn Al Watany into Egypt's third largest retail bank.[7]