Burgan Bank to buy UGB assets for $728m
Kuwait City, May 5, 2008
Kuwait's Burgan Bank plans to buy 194 million dinars ($727.7 million) in assets from Bahraini lender United Gulf Bank, the two companies said in a statement on Monday.
The deal would involve holdings in Bank of Baghdad, Algeria Gulf Bank, Jordan Kuwait Bank and Tunis International Bank, the statement said.
Kuwait Projects Co (Kipco) is the single largest shareholder in Burgan Bank, while UGB is the investment banking arm of Kipco.
Burgan Bank chief executive Jonathan Lyon had told Reuters last month the lender wanted to acquire banks in the Middle East and Northern Africa as part of an expansion programme. - Reuters