Burgan set to buy UGB assets for $1bn
Kuwait City, April 27, 2008
Kuwaiti lender Burgan Bank is close to buying the commercial lending activities of Bahrain's United Gulf Bank (UGB) for more than $1 billion, a report said.
United Gulf Bank would make a profit of $570 million from the sale, Kuwait's Al-Rai newspaper said, without citing anyone.
Burgan owner Kuwait Projects Co (KIPCO) said last month it wants to set up a dedicated investment banking and asset management unit, and another that provides other commercial services, such as retail and corporate.
Burgan Bank chief executive Jonathan Lyon told Reuters earlier this month the lender wanted to acquire banks in the Middle East and Northern Africa as part an expansion programme.
UGB said last month it was in talks to sell some of its assets, without identifying a suitor.
Burgan Bank officials could not be immediately reached for comment. - Reuters
More Finance & Capital Market Stories
- Gulf stocks surge as Fed tapering adds fuel to fire
- SABB launches graduates programme
- NBAD names key official for Hong Kong
- Commercial Bank of Dubai obtains $450m loan
- EFG Hermes names group co-chief
- Islamic bond issuance in GCC picking up
- Kuwait budget surplus likely to hit $42.4bn
- Bahrain banking sector on road to recovery
- GCC banks' outlook stable, says report
- GBSA panel names new chairperson